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?
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
Long-term trades: Wait for a correction on the
secondary cycle.
Colin Twiggs
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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.