sitesearch
 


Trading Diary Archives

The Trading Diary Archives are now available.
Click the above link.




Trading Diary
July 9, 2003

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 retreated 0.73% to close at 9156 on higher volume.
The intermediate trend is up.
The primary trend is up.

 


The S&P 500 closed 5 points lower at 1002.
The intermediate trend is up. 
The primary trend is up.

The Nasdaq Composite closed 1 point up at 1747.
The intermediate trend is up.
The primary trend is up.

The Chartcraft NYSE Bullish % Indicator rose 0.73% to 76.00% on July 8.

Market Strategy
Short-term: Increase long positions if the S&P 500 is above 1010.
Intermediate: Increase long positions if the S&P is above 1010.
Long-term: Increase long positions.


Yahoo
Yahoo stock fell more than 6.0% in after-hours trading, despite announcing positive results.
(more)

Is Japan on the rebound?
The Nikkei has rallied 31% since April.
(more)




Gold
New York (18.25): Spot gold appears to have stabilized at $US 344.50.
On the five-year chart gold is above the long-term upward trendline.



ASX Australia
The All Ordinaries shows uncertainty, with the index closing 6 points down at 3008 on lower volume.
The intermediate trend is up.
The primary trend is up.

MACD (26,12,9) is below its signal line; Slow Stochastic (20,3,3) has turned up; Twiggs Money Flow (21) signals accumulation.



Market Strategy
Short-term: Long if the All Ords is above 3022.
Intermediate: The primary trend is up; Long if the All Ords is above 3022.
Long-term: Long.


Oil & Gas Exploration
Last covered on July 1, 2003.
Woodside [WPL] and Santos [STO] have both made new 3-month highs.

Woodside has broken above resistance at 12.50 as well as the long-term downward trendline.
Relative Strength (price ratio: xao) is rising, having made a 3-month high. 
Twiggs Money Flow (100-day) is rising but still below zero.
MACD has completed a bullish trough above zero.



Santos has completed an unusual reversal pattern: a lower high at [b], followed by a lower trough at [c], and then a correction back above [b].
Heavy volume is clearly visible in the weeks following the low at [c].

Relative Strength (price ratio: xao) is rising but has yet to make a new 3-month high. 
Twiggs Money Flow (100-day) and MACD are both bullish.



Neither stock exhibits strong volume at the actual breakout and we can expect a pull-back to re-test the new support levels in the weeks ahead. 



Perfect Your Market Timing
Learn how to manage your market risk.





The weekly Trading Diary offers fundamental analysis of the
economy and technical analysis of major market indices,
gold, crude oil and forex.
The monthly What's New newsletter covers new articles
on Trading and the Economy, as well as new software updates.



Understanding the Trading Diary has been expanded to offer further assistance to readers.

Colin Twiggs


Plan for the difficult while it is easy;
Act on the large while it is minute.....

Those who regard many things as easy
will encounter many difficulties.
Therefore, the Sage regards things as difficult,
And as a result, has no difficulty.

~ Lao Tse.



 
Stock Screens: New Highs 

To screen for stocks making new highs:

(1) Open % Of Price High;
(2) Enter 98 as the Minimum%;
(3) Sort the Return by clicking on the %H heading.




Back Issues
You can now view back issues at the Daily Trading Diary Archives.


Back Issues
Access the Trading Diary Archives.





 
Top of Page