Trading Diary
December 12, 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
Another
inside day with the Dow closing
at 9894 on strong volume. The S&P 500 closed largely
unchanged while the Nasdaq closed slightly up at 1669.
Headed for a ranging market?
S&P's Paul Cherney says that the market has
"a positive tone but is unable to put together a
significant and uninterrupted up-trend" (more)
Australia - ASX
The All Ords closed down sharply at
3265 on strong volume, breaking below the 3300
support level. The first time in more than 2 months that
the All Ords has closed below its 21-day moving
average.
NAB cuts its' losses [NAB]
Conclusion
Short-term: There is now uncertainty in both the US and
Australian markets. Tighten up
stop losses and wait for clear direction before
making new entries.
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.