April 19, 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 formed an inside day, closing up
slightly at 10257 on reasonable volume. The up-trend on the
secondary cycle is intact.
The Nasdaq Composite index closed weaker at 1796, within
support at 1700 and resistance at 1950.
The S&P 500 closed almost unchanged at
1125, within the 1070 to 1180 trading range.
Microsoft stock recovered on analyst upgrades
from Merrill Lynch and First Albany. (more)
Sun expects to return to profit in the
fourth quarter, despite weak IT spending. (more)
The All Ords closed down slightly 3355 on
reasonable volume. The close near to the daily high signals
that buyers had regained control by the end of the session.
Chaikin Money Flow is back in negative territory while the MACD
and Slow Stochastic remain positive.
St George Bank [SGB]
Rumors abound about likely suitors as the
restrictive articles of association, limiting any shareholder
to 10 per cent, expire on July 1. (more)
Alcohol & Tobacco (XAT) continues to
While Gold (XGO), Banks & Finance (XBF)
and Retail (XRE) continue their strong up-trends.
Short-term: Look for new entries. Keep stop
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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