Trading Diary
April 10, 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 rallied 1.7% to close at 10381 on strong volume,
after positive news from automakers and retailers. A
classic
bottom reversal signal from William O'Neil.
The Nasdaq Composite index rose 1.4% to close at 1767, with
gains by chip stocks.
The S&P 500 is still ranging between 1070 and 1180, closing
up 1.1% at 1130.
Yahoo
Disney
Australia - ASX
The All Ords closed up at 3327 on low volume. The MACD is still
below its signal line.
Gold stocks
Sectors: Gold
XGO is still in a strong up-trend, with no sign of an
imminent reversal.
Conclusion
Short-term: Avoid long.
Medium-term: Wait for a new high on the All Ords.
Long-term: Wait for the Nasdaq or S&P 500 to break above
their January highs.
Colin Twiggs
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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.