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December 17, 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 formed an inside day, closing down 1% at
8535 on higher volume. The down-trend may still re-test the 7500
and 7200 support levels.
The primary trend is down and will only reverse up if the average
rises above 9130.
The Nasdaq Composite was down 0.6% at 1392.
The primary trend is up.
The S&P 500 formed an inside day, down 8 points at 902.
The primary trend is down.
The Chartcraft NYSE Bullish % Indicator appears stuck
at 50% (December 16).
The Dow stalwart expects to take its first ever quarterly loss
after a $US 435 million charge for store closures and job
New York: Spot gold is up 40 cents at $US 336.70
reaching 341.00 intra-day.
The All Ordinaries rallied sharply, up 35 points at 2957 on
higher volume. The market is ranging between 2915 and 3050,
building a broad base in the process. The index respected the
2915 support level and the downward trendline, so be on the
alert for further bull signals.
MACD (26,12,9) and Slow Stochastic (20,3,3) are below their
signal lines, but the Slow Stochastic appears about to cross.
Twiggs money flow is just above zero.
Suncorp Metway [SUN]
Last covered on
SUN formed a double top at , with a false break above the
previous high, before a sharp drop in September 2001. This was
followed by a re-test of resistance at 15.00 then a creeping
down-trend in the form of a falling wedge. Price is now testing
resistance at 10.60.
Relative strength (price ratio: xao) is holding above the
support level. A break below support would be bearish.
The falling wedge is open to varying interpretation because of
a false break above the trendline at . Since then price has
respected the borders of the wedge, with no further breaks, and
has now respected the major support level at 10.60.
Twiggs Money Flow and MACD are bearish.
A break below support at 10.60 will be a bear signal, while a
break above the upper border of the wedge would be a strong
Short-term: Avoid new entries unless the index falls below
2915. The Slow Stochastic and MACD are below their respective
Medium-term: Avoid new entries.
To study and not think is a waste.
To think and not study is dangerous.
- The Analects of Confucius: 2.15
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