April 08, 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
The Dow continues it short-term down trend, closing at 10249 on
The Nasdaq Composite index completed a
closing price reversal day
, closing up at 1785 - a possible trough on the
The S&P 500 is still ranging between 1070 and 1180, closing
up slightly at 1125.
IBM falls 10% on warning of lower first-quarter sales and
Compaq more upbeat
HP's merger partner
issues an upbeat forecast, fuelling a late recovery.
Australia - ASX
The All Ords closed unchanged at 3340 on low volume.
The low close in relation to the daily range signals
a possible reversal, while Chaikin Money Flow (below zero
for most of March) confirms that distribution is
The MACD is still below its signal line.
Coles Myer [CML]
Coles has fallen 8% since it announced the phasing out of its
Currency and gold hedging losses cause a 90% drop in
third-quarter earnings. (more)
Short-term: Avoid long.
Medium-term: Wait for a new high on the All Ords.
Long-term: Wait for the Nasdaq or S&P 500 to break above
their January highs.
P.S. We are trying out new Email software. Please report
if you experience any problems with the trading diary.
Please forward this to your friends and colleagues.
Access the Trading Diary Archives.