Trading Diary
December 7, 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 closed down at 10049 on reasonable volume, reacting to high job cut figures, but holding above the 10000 support level (resistance has now become support). The S&P 500 and Nasdaq have also retreated but are still in an up-trend.
 
How high can the rally go?
More evidence of a recovery is needed to sustain the present rally. (more)
 
Australia - ASX
The All Ords broke through resistance around 3300 to close at 3313 on weaker volume. The up-trend continues.
 

 
News Corporation [NCP]
NewsCorp stock has risen more than 9% over the last two days on reports of a planned takeover of German media giant, Kirche Gruppe. (more)
 
Banks
The Banks and Finance Index continues to weaken, with Relative Strength (Price Ratio) on the decline.
 

 




Conclusion
Short-term: Continue to look for entry signals where the stop loss can be set within a 2% limit.
Long-term trades: Wait for a correction on the secondary cycle.
 
Colin Twiggs
 
 
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