Trading Diary
January 18, 2002

These extracts from my daily stock trading diary are 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 down at 9771 on reasonable volume. The Nasdaq 100 closed down 3.3%, resuming the down-trend on the secondary cycle.
 
IBM, Microsoft
Tech stocks pull down the market as IBM fails to meet revenue targets and Microsoft warns of difficult times ahead. (more)
 
Australia - ASX
The All Ords closed down at 3331 on normal volume. The 20-day slow Stochastic gives a bear signal.
 

 
Normandy
AngloGold abandons its bid for control of Normandy, after winning only 7 to 8% of acceptances. (more)
 
Santos slides [STO]
The Adelaide-based oil and gas stock dropped more than 7% on a 10% fall in 2001 profits. (more)
 




Conclusion
Short-term: Buyers should stay clear of the market.
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.