Trading Diary
April 16, 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 more than 2% to close at 10301 on good volume. The up-trend on the secondary cycle is still intact.
The Nasdaq Composite index gapped up 3.5% to close at 1815.

The S&P 500 also climbed more than 2%, closing at 1128. Still within the 1070 to 1180 trading range.

Tech rally boosts Dow

A tech rally, with positive news from Texas Instruments, Sprint and Novellus, and lower than expected March CPI figures boost the Dow.  (more)

 

 

ASX Australia

The All Ords rallied to 3337 on reasonable volume, but is still in a down-trend with Chaikin Money Flow signaling distribution. The MACD is still below its signal line.

SFE debut [SFE]

The Sydney Futures Exchange opened midday on the ASX at $4.00 then slid back to close at $3.80. (more)

 

Conclusion

Short-term: Wait for MACD to cross above its signal line (Slow Stochastic is already above).

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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