Trading Diary
April 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 .

The Dow formed an inside day, closing slightly up at 10190 on lower volume.
The Nasdaq Composite index closed up 1.85 at 1756 on an inside day, but is still in a down-trend.
The S&P 500 is ranging between 1070 and 1180, closing up at 1111 on an inside day.
IBM clean
The SEC announces that it has closed its investigation of IBM "without action". (more)
ASX Australia
The All Ords closed down at 3308 on rising volume. The MACD is still below its signal line.

Flight Centre [FLT]
Following the successful acquisition of corporate travel businee ITG, Flight Centre is on the lookout for further acquisitions.(more)

Sectors: Tourism & Leisure
XTU is in a Stage 2 up-trend, having recently made a new high and shows improving relative strength (price ratio).
Note that FLT is classified as Retail - maybe there is some justification for GICS.



Short-term: The market is in a down-trend - avoid long.
Medium-term: The All Ords completed a double top at the end of March and can be expected to retreat to +/- 3240. Avoid new positions.
Long-term: Wait for the Nasdaq or S&P 500 to break above their January highs.

Colin Twiggs

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