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We wish our readers peace and goodwill over Christmas and prosperity in the year ahead.




Trading Diary
December 24, 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 .






USA
The Dow closed almost unchanged at 8446 on low  volume.
The primary trend is down and will only reverse up if the average rises above 9130.

The Nasdaq Composite closed 13 points down at 1368.
The primary trend is up.

The S&P 500 closed 7 points down at 890. The index is ranging between 965 and 768, establishing a base.

The Chartcraft NYSE Bullish % Indicator appears stuck at 50% (December 24).


Is inflation making a comeback?
Oil, gold and the dollar all point towards higher prices.
(more)



Gold
New York: Spot gold is testing resistance at $350, up 390 cents at $US 349.20.



ASX Australia
The All Ordinaries closed unchanged at 2999 on very low volume.
The index continues to range between 2915 and 3050, building a base.
MACD (26,12,9) crossed to above its' signal line; Slow Stochastic (20,3,3) is above its' signal line; Twiggs money flow signals accumulation.






Market strategy
For further guidance see Understanding the Trading Diary.

Short-term: Long. The Slow Stochastic and MACD are above their respective signal lines.
Medium-term: Avoid new entries.
Long-term: Wait for confirmation of the bottom reversal signal.

Colin Twiggs


The ultimate goal of a more effective and efficient life
is to provide you with enough time to enjoy some of it.


- Michael Leboeuf.






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