Trading Diary
March 12, 2002

These extracts from my daily trading diary are intended to illustrate the techniques used in short-term trading and should not be interpreted as investment advice. Full terms and conditions can be found at Terms of Use .

Another inside day on the Dow which continues to hold above the 10300 support level, closing at 10632 on low volume.
The Nasdaq Composite index closed down 1.68% at 1897.
The S&P 500 is encountering resistance around the level of its January peak, retreating slightly to 1165.

Housing drives the US economy
The housing market is the key to the performance of the US economy over the next decade. (more)
Telecom woes hurt Nasdaq
Lucent cuts sales forecasts and warns of no profits until 2003, WorldCom accounting practices are probed by the SEC and Nokia networks division reports a 25% fall in January sales. (Lucent) ( WorldCom) ( Nokia)

Australia - ASX
The All Ords closed below its support level, at 3408 on reasonable volume. The Slow Stochastic has crossed below its signal line.

Sonic Healthcare [SHL]
Sonic reports a 4.7% rise in half-year net profits with falling margins.(more)


Short-term: Avoid new positions. The Slow Stochastic has dipped below its 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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