Trading Diary
February 22, 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
The Dow gained more than 1% to close at 9938
on strong volume, again testing resistance at
10,000.
The Nasdaq 100 recovered slightly to close at 1356.
JP Morgan under
scrutiny
Stock in JP Morgan
Chase, second largest bank in the US, fell more than 6%
on news that the NY Federal Reserve is investigating
its dealings with Enron. (more)
Australia - ASX
The All Ords closed lower at 3367 on strong volume,
following the earlier falls in the US markets. The
MACD and Slow Stochastic are both below their signal
lines.
Newscorp [NCP]
Caltex
posts a loss
[CTX]
The oil refining
and petrol station group reported an annual loss
of $186 million. (more)
Conclusion
Short-term: Avoid new entries until there are positive
signals from the MACD and Slow Stochastic (20,3,3).
Long-term: The risk is high that the Dow will follow the
Nasdaq and S&P 500 into a bear trend, impacting
negatively on the Australian market. Wait for the US
uncertainty to clear.
Colin Twiggs
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