Trading Diary
March 22, 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 .
USA
The Dow closed down 0.5% at 10427 on low volume, holding above
support at 10300.
The Nasdaq Composite index retreated 0.9% to close at 1851 and
may test support at 1700 in the weeks ahead.
The S&P 500 closed down at 1148, failing in its fourth
attempt to break above resistance at 1170 to 1180.
Fast food slows
McDonalds issues a profit warning for the first quarter - the
sixth straight quarter of disappointing earnings.
(more)
Australia - ASX
The All Ords closed down at 3382 on low volume and low
volatility. MACD and Slow Stochastic are below their
signal lines.
Dollar above 53 US cents [AUD]
The dollar holds on to recent gains.
(more)
Sectors: Miscellaneous industrials
XMI has crossed to above its 30-week weighted moving
average and relative strength (Price Ratio) is improving.
|
22
|
Miscellaneous
Industries
|
|
221
|
Miscellaneous
Industrials
|
|
222
|
Miscellaneous
Services
|
|
223
|
Mining
Services
|
|
224
|
Agriculture and Related
Services
|
|
225
|
Automotive & Related
Services
|
|
226
|
Computer & Office
Services
|
|
227
|
Entrepreneurial
Investors
|
|
228
|
High
Technology
|
Conclusion
Short-term: Avoid new positions.
Medium-term: Wait for a new high on the All Ords.
Long-term: Wait 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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