May 23, 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 rallied in the afternoon to close up
0.5% at 10216 on normal volume.
The primary trend is down, secondary - up and
short trend - up.
The Nasdaq Composite gained 1.4% to close at 1697.
The primary cycle base is weak with the index
starting to trend downwards, the secondary trend is down, while
the short trend is up.
The S&P 500 climbed 1% to close at
Primary cycle base still shows weakness,
secondary trend - down and short cycle - up.
Durable goods up 1.1%
Durable goods orders for April were up 1.1%,
according to the US Commerce Department. (more)
3M adheres to targets
The adhesives, abrasives and specialty
chemicals manufacturer will meet its second-quarter earnings
targets and expects to achieve double-digit growth over the
next two years.
The All Ords closed down 16 points at 3325 on
The primary trend is up, secondary - down and
short trend - up.
Chaikin Money Flow remains below zero,
Slow Stochastic (20,3,3) is below its signal
The dollar takes a rest
The dollar closed yesterday at 55.68 US cents
after 3 days of strong gains. (more)
Oil and Gas
Oil and gas exploration is booming, according
to recruitment specialists. (more)
Chaikin Money Flow for the energy sector shows
strong accumulation, while Relative Strength (price ratio: xao)
New Clicks, the South African parent company of
Priceline, is to buy hair-care products company Price Attack with
94 stores. (more)
ASX to launch electricity futures [ASX]
The ASX is to launch its first commodity futures
in competition with the SFE. (more)
ASX Chaikin Money Flow shows a sharp decline
over the last 2 weeks, MACD show a bearish divergence, while
Relative Strength (price ratio: xao) is still strong.
Short-term: Avoid new entries. Maintain tight
Medium-term: The All Ords has not yet formed a
Long-term: Wait for a bull-trend on the Nasdaq
or S&P 500 (primary cycle).
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