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Trading Diary
May 10, 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 Terms of Use .




USA
The Dow fell a further 1% to close below 10000, at 9939, on normal volume.

The Nasdaq Composite dropped 3.0% to close at 1600, continuing the secondary cycle down-trend.
 
The S&P 500 closed below the 1070 level, at 1054.
 
Berkshire Hathaway
Warren Buffet's investment icon achieves a 52% rise in first-quarter profits due to higher insurance prices. (more)
 
ASX Australia
The All Ords closed down at 3279 on weak volume, approaching the correction target of 3230 to 3240.


ANZ [ANZ]
ANZ chief John McFarlane has exercised 1 million share options.
(more)
Chaikin Money Flow is strengthening but MACD still looks weak.


Forrest quits Anaconda [ANL]
The founder of Anaconda Nickel severs his remaining ties with the company. (more)
MACD has signaled a number of bullish divergences, all of which have failed to deliver, while Chaikin Money Flow has signaled strong distribution.


 
Sectors: Banks
The banking sector continues its strong up-trend with the index making new highs and relative strength (price ratio) rising.


 




Conclusion
 
Short-term: Avoid long.
Medium-term: Wait for the All Ords to form a base.
Long-term: Wait for the Nasdaq or S&P 500 to form a base.

Colin Twiggs



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