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October 16, 2002
The Nasdaq Composite Index gapped down to close at 1232, a loss of almost 4%. The primary trend will reverse if there is a break above 1426.
The S&P 500 lost 21 points to close at 860, forming an inside day. The index will complete a double bottom if it rises above 965. The primary trend is down.
The Chartcraft NYSE Bullish % Indicator reflects a bear confirmed signal at 26% (October 15).
IBM reports third-quarter earnings of 99 cents per share, beating forecasts by 3 cents and up 2 cents on last year. (IBM)
Coke warns that full-year earnings may miss forecasts. (Coke)
New York: Spot gold last traded at $US 314.30, up 80 cents on yesterday.
A break above 3150 will signal a primary trend reversal.
MACD (26,12,9) and Slow Stochastic (20,3,3) are above their signal lines. Twiggs money flow has dipped back below zero, after a bullish divergence.
Apologies for the gremlin in yesterday's diary: A break above 9.55 will be a bull signal.
Last covered on September 13.
NCP has formed two fairly equal lows about 10 weeks apart, after a long stage 4 down-trend. Relative strength (price ratio: xao) has broken its downward trendline, warning of a possible reversal.
.....where Fortune is concerned: she shows her force where there is no organized strength to resist her;
and she directs her impact there where she knows that no dikes and embankments are constructed to hold her.
- Niccolo Machiavelli, The Prince (1532)