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August 26, 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 dropped in early trading before rallying to close up 0.5%
at 8919. Volume was low, showing a lack of commitment from
The primary cycle is in a down-trend.
The Nasdaq Composite also featured a late rally to close up
0.8% at 1391. The primary cycle is in a down-trend.
The S&P 500 gained 7 points to close at 947. The primary
cycle is in a down-trend.
The Chartcraft NYSE Bullish % Indicator bull
alert signal is at 44% (August 23).
Nestle' has a taste for Hershey's
The Swiss food and beverage group has made a $US 11.5 billion bid
for candy-maker Hershey Foods. (more)
Crude oil prices fuelled by concerns over Iraq
October crude oil futures closed up at $US 29.28 per barrel.
The All Ordinaries fell steeply after the opening but then
steadily gained through the day to close 7 points down at 3126 on
The primary cycle trends down.
The Stochastic (20,3,3) is below its signal line. Twiggs money
flow signals accumulation.
The retailer unveiled a 22% increase in annual net profit and
predicted 10% to 15% growth in the next year, only to be punished
by the market because of lower than expected supermarket margins.
WOW is entering a stage 3 top with relative strength (price
ratio: xao) leveling off after a strong up-trend.
The daily chart displays a symmetrical triangle formed over the
last 4 months, followed by yesterday's break down on strong
volume. There was no warning from the Twiggs money flow while
MACD has shown weakness over the past few months.
BRL Hardy [BRL]
BRL rallied strongly to break above
an ascending triangle formed over the last month. Yesterday's
volume was low and the 150-day moving average still has a steep
downward slope, so the breakout may be premature. Relative
strength (price ratio: xao) has been in a decline for the past 6
months while MACD and Twiggs money flow completed bullish
divergences in July.
Short-term: Avoid new entries. Slow Stochastic and MACD are on
opposite sides of their respective signal lines.
Medium-term: Wait for the All Ords to signal a reversal.
Long-term: Wait for a bull-trend on the Nasdaq or S&P 500
Thought for the Day:
is not so common.
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