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October 10, 2003
The intermediate trend is uncertain. A rise above 9686 will signal an up-trend.
The primary trend is up. A fall below 9000 will signal reversal.
The intermediate trend uncertain. The rise above 1914 is unconvincing.
The primary trend is up. A fall below 1640 will signal reversal.
The intermediate trend is uncertain. A rise above 1040 will signal resumption of the up-trend.
The primary trend is up. A fall below 960 will signal reversal.
Short-term: Bullish if the S&P500 is above 1040. Bearish below 1026.
Intermediate: Bullish above 1040.
Long-term: Bullish above 960.
General Electric lowers earnings expectations for the third time - a sign that all is not right with the US economy. (more)
The yield on 10-year treasury notes ended the week at 4.25%, after testing support at 4.00%.
The intermediate down-trend appears weak.
The primary trend is up.
New York (13.30): Spot gold recovered slightly to $373.20.
The intermediate trend has turned down.
The primary trend is up. Support is at 343 to 350.
The primary trend is up. A fall below 3000 will signal reversal.
MACD (26,12,9) is above its signal line; Slow Stochastic (20,3,3) is above; Twiggs Money Flow (100) displays a bearish divergence.
Short-term: Bullish if the All Ords is above 3250.
Intermediate: Bullish above 3250.
Long-term: Bullish above 3000.
Changes are highlighted in bold.
- Energy [XEJ] - stage 2 (RS is rising).
- Materials [XMJ] - stage 2 (RS is rising)
- Industrials [XNJ] - stage 2 (RS is level). An unstable V-bottom.
- Consumer Discretionary [XDJ] - stage 2 (RS is rising)
- Consumer Staples [XSJ] - stage 1 (RS is falling)
- Health Care [XHJ] - stage 2 (RS is rising)
- Property Trusts [XPJ] - stage 3 (RS is falling)
- Financial excl. Property [XXJ] - stage 2 (RS is level)
- Information Technology [XIJ] - stage 2 (RS is rising)
- Telecom Services [XTJ] - stage 2 (RS is rising).
- Utilities [XUJ] - stage 3 (RS is falling)
A stock screen of the ASX 200 using % Price Move (1 month: +5%) rose to 58 stocks (compared to 131 on April 11, 2003; and 8 on March 14, 2003).
- Oil & Gas Exploration & Production (5)
- Diversified Metals & Mining (4)
- Broadcasting & Cable TV (4)
- Gold (3)
- Casinos & Gaming (3)
- Publishing (3)
Stocks analyzed during the week were:
- Timbercorp - TIM
- Mincor - MCR
- Telstra - TLS
- CSL Limited - CSL
- Mosaic Oil - MOS
- Patrick - PRK
- Peptech - PTD
- Australian Growth Properties - AGH
- OAMPS Limited - OMP
- Orbital Engine - OEC
you have neutralize your expectations about what the market will or will not do
at any given moment or in any given situation.....(think in terms of probabilities).
~ Mark Douglas: Trading in the Zone.
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