April 17, 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 fell 0.8% to 10220 on good volume. The
up-trend on the secondary cycle is still intact.
The Nasdaq Composite index formed a
closing price reversal, falling slightly to 1810 .
The S&P 500 also closed weaker at 1126,
within the 1070 to 1180 trading range.
First-quarter earnings fell 32% as customers
defer investment in new technology. (more)
Greenspan: encouraging signs
The Fed chairman suggested that he is in no
hurry to raise interest rates. (more)
The All Ords had another good day, closing at
3351 on reasonable volume. Chaikin Money Flow is moving into
positive territory and the MACD has joined the 20-day Slow
Stochastic above its signal line.
Harvey Norman [HVN]
Sales growth has slowed with sales up 9.3% for
the third quarter (4.6% excluding new stores). (more)
Singapore Telecom [SGT]
SingTel is likely to write down the value of
its $1.7 billion Optus cable network because it is not making
as much money as originally forecast. (more)
Short-term: Look for new entries.
Medium-term: Wait for a new high on the All
Long-term: Wait for the Nasdaq or S&P 500
to break above their January highs.
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