April 11, 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 has been spooked by disappointing results
from GE, IBM and Yahoo, closing down 2% today at 10176 on very
The Nasdaq Composite index is close to its 1700 support
level from February, closing down more than 2% at 1725.
The S&P 500 dropped 2.4% to close at
1103, still above its 1070 support level.
General Electric reported a first quarter drop in net income -
the first time in 7 years. (more)
The All Ords closed down at 3320 on normal
volume. The MACD is still below its signal line - note the
bearish divergence over the last 4 months.
BHP/MIM [BHP] [MIM]
BHP and MIM's control of the Queensland coal industry is
threatened by an alliance between Anglo American and Japanese
trading house Mitsui.(more)
Short-term: Continue to 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.
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