May 30, 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 briefly tested the 9800 support level
before rallying to close only slightly down at 9911.
The secondary down-trend continues but will have to break through
the 9800 (and arguably 9500) support levels to start a primary
The Nasdaq Composite rose 7 points to close
The primary and secondary trends are down.
The S&P 500 closed down 3 points at
The primary and secondary cycles are trending downwards.
The hand-held device maker
revised fourth-quarter sales forecasts down by 22% and expects to
make a loss. (more)
The All Ords was up 6 points at 3339 on strong
Chaikin Money Flow continues to signal
Slow Stochastic (20,3,3) and MACD are above
their respective signal lines.
The Australian dollar closed up further at
56.47 US cents. (more)
Smedley to quit Mayne [MAY]
Peter Smedley is to quit
Mayne after the spin-off of logistics division, leaving MAY to
focus on its core health operations. (more)
Relative Strength (price ratio: xao) and MACD
are weak but Chaikin MF has again crossed to positive
territory, signaling accumulation.
Small shareholders revolt against the grant of
new management share options. (more)
MACD and Chaikin MF show bullish divergences
while Relative Strength (price ratio: xao) is still
Peplin positive results [PTD]
Peplin Biotech's anti-skin cancer drug
recorded positive results against a wide range of cancers and
warrants further research, according to the American National
Cancer Institute. (more)
MACD and Chaikin MF are positive, while
Relative Strength (price ratio: xao) is still neutral.
Short-term: Long - Stochastic and MACD are
above their signal lines. Maintain tight stop-losses.
Medium-term: Wait for the All Ords to signal a
Long-term: Wait for a bull-trend on the Nasdaq
or S&P 500 (primary cycle).
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