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September 2, 2002
The market is closed Monday for Labor Day.
The Purchasing Managers Index may show surprisingly strong but the jobs report is expected to paint a gloomier picture. (more)
The Reserve Bank faces a dilemna: raise interest rates to curb a ballooning property market and risk harming a more fragile general economy. (more)
Value investors are scrutinizing stocks like SGW which show good dividend yields and are trading near 50% of their highs. SGW is in a stage 4 down-trend with the 150-day moving average falling steeply. MACD is negative and Twiggs money flow signals strong distribution, with the latest peaks barely crossing the zero line. I will wait until a falling stock has formed a stage 1 base and has positive signals on MACD and Twiggs money flow, before doing any "bottom-feeding".
Conversely, I currently hold TQL and will continue to accumulate whenever there is a breakout from a continuation pattern.
TQL is in a stage 2 up-trend with positive signals from Relative strength (price ratio: xao), Twiggs money flow and MACD.
Set your maximum acceptable loss at a small enough level that you can exit without hesitation. Avoid trading situations where you place yourself under unnecessary pressure.