May 13, 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 .
The Dow is experiencing huge volatility around
the 10000 level - up 1.7% today, to 10109 on normal
The Nasdaq Composite climbed 3.2% to 1652, still in a secondary
The S&P 500 returned to the 1070 level, up
1.8% at 1074.
Sears makes cash acquisition
Sears Roebuck acquires specialty catalog
retailer, Lands End for $US 1.9 billion cash, sending a positive
signal to the market. (more)
The All Ords dropped sharply to 3252 on lower
volume, approaching the target of 3230 to 3240.
generally available to the public
The market appears
to receive news of profit downgrades or upgrades well before
the official announcement. (more)
Publishing and Broadcasting Limited [PBL]
Standard and Poors downgraded
its rating outlook on PBL - performance depends on "a recovery in
advertising demand". (more)
MACD and Chaikin Money Flow both show bearish
Macquarie Bank [MBL]
The market reflects concerns
over MBL annual results, to be released on Thursday. The bank is
shifting its long-term emphasis to building reliable annuity
income streams. (more)
MACD and Chaikin Money Flow show strong
distribution over the last year.
Short-term: Avoid long.
Medium-term: Wait for the All Ords to form a
Long-term: Wait for the Nasdaq or S&P 500 to
form a base.
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