Trading Diary
April 15, 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 fell almost 1% to close at 10093 on normal volume. The up-trend on the secondary cycle is still intact.
The Nasdaq Composite index closed slightly lower at 1753. The index is testing the 1700 support level.
The S&P 500 formed an outside day, closing down at 1102 - still ranging between 1070 and 1180.

GE down
GE stock slides on concerns over financial engineering of results. (more)
 
Australia - ASX
The All Ords closed up at 3320 on low volume, but is still in a down-trend. The MACD is still below its signal line.



Woolies [WOW]
Woolworths reported a 17.4% jump in third-quarter sales and confirm that they are on track for earnings growth of 20% or higher. (more)
 




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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Colin Twiggs

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.