Trading Diary
March 11, 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 formed another inside day but continues to hold above
the 10300 support level, closing up at 10611 on low
volume.
The Nasdaq Composite index formed an outside day, closing down slightly at 1929.
The Nasdaq Composite index formed an outside day, closing down slightly at 1929.
The S&P 500 is encountering resistance around the level of
its January peak, closing at 1168.
IBM blues
Australia - ASX
The All Ords closed below its support level at 3422 on low
volume. The MACD and Slow Stochastic are above their signal
lines.
Banks defend credit card fees
The banking industry aggressively defends credit card
interchange fees - under review by the Reserve
Bank.(more)
ERG: Sydnet Transport legal battle and funding for future
contracts are concerns [ERG]
"Should a material number of these initiatives fail to be
completed on a timely basis, a condition of significant
uncertainty as to the going-concern status may arise. The
directors do not believe at this date that the initiatives will
not be completed on a timely basis."(more)
Conclusion
Short-term: Avoid new positions until we see a rally. The Slow
Stochastic has been slow to turn below the signal line.
Medium-term: Wait for a new high on the All Ords.
Long-term: Look for a secondary cycle reversal on the Nasdaq or
S&P 500 - if they break above their January highs.
Colin Twiggs
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