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November 08, 2002
The Nasdaq Composite Index closed the upward gap from Monday, down 1.3% at 1359. The primary trend will reverse to up if the index breaks above 1426.
The S&P 500 lost 8 points to close at 894. The primary trend will complete a double bottom reversal if it rises above 965.
The Chartcraft NYSE Bullish % Indicator signals a bull alert at 40% (November 07).
The UN Security Council unanimously approved a resolution demanding unfettered access for UN weapons inspectors. (more)
The fast-food chain warns that it will miss 2002 earnings forecasts and close 175 under-performing restaurants.(more)
New York: Spot gold is up 20 cents at $US 321.00.
The Slow Stochastic (20,3,3) is below its signal line, MACD (26,12,9) is above, while Twiggs money flow has broken its trendline and signals distribution.
The big four banks have under-performed the market in the last month, after out-performing over the previous 2 years. Relative strength (price ratio: xao) is falling for three of the four, while two are in a stage 4 down-trend and the other two are in stage 3 tops.
Westpac Banking Corp [WBC] weekly chart displays declining relative strength and a stage 4 down-trend after completing a bearish descending triangle. The latest counter-trend has respected the lower border of the triangle signaling trend strength.
Changes are highlighted in bold.
- Energy [XEJ] - stage 4 (RS is level)
- Materials [XMJ] - stage 1 (RS is rising)
- Industrials [XNJ] - stage 4 (RS is falling)
- Consumer Discretionary [XDJ] - stage 1 (RS is rising)
- Consumer Staples [XSJ] - stage 1 (RS is level)
- Health Care [XHJ] - stage 4 (RS is falling)
- Property Trusts [XPJ] - stage 3 (RS is rising)
- Financial excl. Property Trusts [XXJ] - stage 4 (RS is falling)
- Information Technology [XIJ] - stage 4 (RS is falling)
- Telecom Services [XTJ] - stage 1 (RS is rising)
- Utilities [XUJ] - stage 2 (RS is rising)
A stock screen of the ASX 200 using % Price Move (1 month: +5%) returned 49 stocks (compared to 99, August 23rd and 10 on October 4th). Notable sectors are:
- Diversified Metals & Mining
- Health Care
- Highways and Rail Tracks
- Banks? and Diversified Financial Services
Wisdom, in short, whose lessons have been
represented as so hard to learn
by those who were never at her school, teaches us only to extend a simple maxim
universally known and followed even in the lowest life,
a little farther than that life carries it.
And this is not to buy at too dear a price.
Now, whoever takes this maxim abroad with him into the grand market of the world,
and constantly applies it to honors, to riches, to pleasures,
and to every other commodity which that market affords,
is, I will venture to affirm, a wise man;
and must be so acknowledged in the worldly sense of the word:
for he makes the best of bargains,
since in reality he purchases everything at the price of a little trouble,
and carries home all the goods I have mentioned,
while he keeps his health, his innocence and his reputation,
the common prices which are paid for them by others,
entire and to himself.
- Henry Fielding: Tom Jones (1749).