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Incredible Charts version 4.0.3.700

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Trading Diary
September 25, 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 Terms of Use.




USA

The Dow Industrial Average fell sharply during the week, on moderate volume. Friday's weak close shows a brief period of consolidation before a re-test of the 10000 support level; a bearish sign.
Twiggs Money Flow is falling sharply, signaling distribution.




The longer-term consolidation pattern around 10000 reflects market uncertainty. A trough above 10000 would be a bullish sign, while a peak below this level would be bearish.




The Nasdaq Composite has broken back below 1900 on low volume. Failure to reverse back above the support level early in the next week will be a bearish sign, indicating a probable test of support at 1750.
Twiggs Money Flow reflects indecision, having reversed back below the signal line.

The primary trend is still downward





The S&P 500 has fallen on low volume, testing the first level of support (medium term) at 1110. Twiggs Money Flow has retreated, reflecting indecision.

The longer term consolidation pattern continues. An intermediate trough above 1100 would be a bullish sign, while a peak below 1100 would be bearish.





NYSE Bullish Percent

The NYSE Bullish Percent Index is at 63.30%, continuing the bear correction.






Treasury yields

The yield on 10-year treasury notes is testing support at 4.00%, briefly dipping below the level before recovering. Market consensus (after the Fed increased rates by 0.25% on Tuesday) appears to be that future rates increases will be gradual.

The yield differential (10-year T-notes minus 13-week T-bills) eased to 2.4%. 
Differentials below 1.0% are long-term bear signals.






Gold

New York: Spot gold eased slightly to $407.60
Price is consolidating above support at $400, establishing a base for further gains.





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ASX Australia

The All Ordinaries has encountered profit-taking towards the end of the week. Strong volume and a close near the low indicate that sellers are in control. The correction may test the first level of support at 3600.




Twiggs Money Flow has completed a double bottom, and is strengthening.
However, in the longer term, expect a re-test of support at 3450.




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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.



Incredible Charts - new Securities Toolbar

Incredible Charts version 4.0.3.700 incorporates a new securities toolbar, enabling you to chart securities without loading a securities exchange.



  • Enter the security symbol 

Handy Hint

If you edit codes within the text box, do not drag your mouse pointer back onto the chart while editing, keep it in the text box. Otherwise you will reactivate the normal keyboard shortcut keys 
(e.g. F opens the File Menu).
 
  • Click the Load Security button 

      or hit the Enter key.

Use the following format to enter a security:

SYMBOL_EXCHANGECODE

(e.g. bhp_ax = BHP Billiton Limited, Australia )

Where EXCHANGECODE is as follows:
  • ax = AUSTRALIA
  • ao = ASX ETO''S & WARRANTS
  • in = INDEXES
  • mx = AMEX
  • ny = NYSE
  • nq = NASDAQ

  • You can also use the drop-down list to select recently loaded securities.



Default Exchange

If you set a default exchange, you will not need to enter EXCHANGECODEs for securities from that exchange.
For example, if Australia is set as the Default Exchange, type bhp for BHP Billiton Limited, instead of bhp_ax.

To set a default exchange: right-click the  

  button and select an exchange;



Or select Securities >> Set Default Exchange from the chart menu.


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

Colin Twiggs


If you can trust yourself when all men doubt you
But make allowance for their doubting too,
If you can wait and not be tired by waiting,
Or being lied about, don't deal in lies,
Or being hated, don't give way to hating,
And yet don't look too good, nor talk too wise:

Rudyard Kipling: IF




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