Trading Diary
November 30, 2001

This is my daily 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 .




USA
The Dow rose slightly, to close at 9851 on reasonable volume, while the Nasdaq eased to 1596. The narrow trading range signals decreasing eagerness, from buyers.
 
It ain't over ....
Paul Erdman dismisses talk that this is the start of a bull market. (more)
 
Australia - ASX
The All Ords closed up slightly at 3277 on massive volume. Far from being a positive sign take a look at the last candle on the chart below: buyers drove prices up in the morning only to see sellers enter the market in large numbers and take control by the close.
 

 
Banks exposed to Enron
Four leading Australian banks have a $600 million exposure to troubled US energy giant, Enron Corporation. (more)
The market reaction can be seen on the Banks & Finance Index.
 

 




Conclusion
Short-term trades: Most short term trades have been stopped out. Avoid new entries and tighten up stops on remaining positions.
Long-term trades: Wait for a correction on the secondary cycle.
 
Colin Twiggs
 
 
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Colin Twiggs

Author: Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.

Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.

Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.

He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.