June 24, 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 managed to stop the slide, closing up
0.3% at 9281 on strong volume.
Primary and secondary cycles trend downwards, in a
The Nasdaq Composite rallied 1.3% to
The primary and secondary cycles continue the
The S&P 500 rallied 3 points to close at
Primary and secondary cycles trend downwards.
The French-US media group
continues to slide, having lost more than a third of its value
this year. (more)
Tobacco stocks fall
Philip Morris and RJ Reynolds
stock has fallen after a string of awards against cigarette
10 Myths that enrich Wall Street
...and cost the average
investor money. (more)
The All Ordinaries lost a further 19 points,
closing at 3186 on strong volume.
The primary and secondary cycles are in a bear
MACD (26,12,9) and Slow Stochastic (20,3,3) are
below their signal lines.
Chaikin Money Flow signals distribution.
Qantas raises earnings forecast [QAN]
Benefiting from the demise of Ansett, Qantas
expects to beat original profit targets by more than 10%.
Relative Strength (price ratio: xao) is
improving, while MACD shows a bearish divergence and Chaikin
Money Flow signals distribution.
its stage 4 decline. The measured target [T] from the
"double top" pattern, completed December 2000, is $8.00.
This is calculated by subtracting the distance between the
peak [P] and the intervening support level [S] from the
Peak [P] - Support [S] = 27.50 - 17.75 = 9.75
Target [T] = 17.75 [S] - 9.75 = 8.00
Sydney Airport [MBL]
Sydney Airport has been sold to a
Macquarie Bank-led syndicate for $5 billion. (more)
MBL has twice tested support at $29.10
since May. Chaikin Money Flow is improving, MACD signals a
bullish divergence, while Relative Strength is still
Short-term: Short in
selected sectors - MACD and slow Stochastic are below their
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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