Trading Diary
November 9, 2001

This is my daily short-term stock trading diary. It is intended to illustrate the techniques used in short-term share trading and should not be interpreted as investment advice. Full terms and conditions can be found at Terms of Use .

The Dow closed at 9608, above the 9600 resistance level, but on such low volume that it signals further uncertainty. The Nasdaq and S&P 500 also posted weak gains.
Australia  (ASX)
The All Ords still shows uncertainty, closing at 3221. A number of analysts are convinced that this is a bear rally.
What is a bear rally?
Take a look at the All Ords in 1998: A lower peak formed at [LP] before a sharp correction to [LT]. If a rally fails to match the peak of the previous rally [P] the market tends to fall away, testing the support level formed by the previous trough [T]. (more on Dow Theory)

Lion Nathan [LNN]
The Australasian brewer delivers double-digit growth, with some clever accounting: Losses of $48.5million from the write-down of hotel assets are offset against profits from sale of investments. (more)

More uncertainty. Keep your stop losses tight and wait for clear direction from the market.
Colin Twiggs
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