April 05, 2002
These extracts from my daily
trading diary are intended to illustrate the techniques used in
short-term trading and should not be interpreted as investment
advice. Full terms and conditions can be found at
Another small gain on the Dow, closing at 10271 on lower
volume. The secondary cycle is still in an up-trend.
The Nasdaq Composite index closed down more than 1% at 1770 and
appears headed for a test of the 1700 support level.
The S&P 500 formed an outside day, closing down slightly at
1122. The index appears to be ranging between 1070 and 1175.
The aluminium producer reported a 46% drop in first-quarter
earnings, in line with expectations.
The All Ords fared better today, closing up at 3340 but on low
volume. The MACD is below its signal line while the Slow
Stochastic is about to cross above.
The Sydney Futures Exchange is due to list on the ASX this
month, with mixed reviews. (more)
Sectors: Investment & Financial Services
The XIF index is in a Stage 4 down-trend, with a falling
30-week weighted moving average and declining relative strength
Short-term: Avoid long.
Medium-term: Wait for a new high on the All Ords.
Long-term: Look for the Nasdaq or S&P 500 breaking above
their January highs.
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