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January 8, 2004
These extracts from my daily trading diary are
for educational purposes and should not be interpreted as
investment advice. Full terms and conditions can be found at
of Use .
The Dow Industrial Average closed just below the
10600 resistance level at 10592 on higher volume.
The intermediate trend is up. Resistance is at 10600 to
The primary trend is up. A fall below support at 9600 will signal
The Nasdaq Composite gapped up to a new 2-year
high of 2100. Strong volume is a bullish signal.
The intermediate trend is up.
The primary trend is up. A fall below support at 1640 will signal
The S&P 500 added 5 points to close at 1131
on strong volume.
The intermediate up-trend is accelerating. A fourth, steeper
trendline would signal a blow-off, with a likely correction back
to the primary supporting trendline. But resistance at 1175 is
likely to halt/slow the advance before this happens.
Short-term: Bullish if the S&P500 is above 1124 (last
Tuesday's high). Bearish below 1124 (Today's low).
The primary trend is up. A fall below 960 will
Intermediate: Bullish above 1124.
Long-term: Bullish above 960.
The Chartcraft NYSE Bullish % Indicator rallied
to 85.63% (January 8). This means that more than 85% of stocks on
the NYSE are in an up-trend (a 10-year high). The next highest
levels were 76% in August & October 1997, preceding a sharp
correction in August 1998 when the index fell to the 10-year low
The yield on 10-year treasury notes closed almost unchanged at
The intermediate trend is uncertain.
The primary trend is up.
New York (22.41): Spot gold is slightly up at
The intermediate trend is up.
The primary trend is up. Expect support at 415.
The All Ordinaries retreated to 3304 on lower volume, commencing
a short-term down-swing. If the intermediate trend turns down, we
are likely to see a re-test of support at 3160.
MACD (26,12,9) is above its signal line; Slow Stochastic (20,3,3)
Short-term: Bullish above 3320.
The All Ords is below its long-term trendline, signaling
weakness. The primary trend is up but will reverse if there is a
fall below 3160 (the October 1 low). Twiggs Money Flow (100) has
leveled out but is still bearish after a large divergence
.Intermediate term: Bullish above 3320. Bearish below
Long-term: Bearish below 3160.
Many people believe that humility is the
opposite of pride, when, in fact, it is a point of
The opposite of pride is actually a lack of self esteem. A humble
person is totally different
from a person who cannot recognize and appreciate himself as part
of this worlds marvels.
~ Rabino Nilton Bonder
Analysis of individual stocks will
resume on Monday, January 12th.
Access the Trading Diary Archives.