Trading Diary
April 18, 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 closed down slightly at 10205 on strong volume but closed near the day's high, showing that buyers are regaining control. The up-trend on the secondary cycle is still intact.
The Nasdaq Composite index closed down at 1802. Support is at 1700 and resistance at 1950.
The S&P 500 had a similar day to the Dow, closing down slightly at 1124 but with a strong close. The index is still within the 1070 to 1180 trading range.
Microsoft misses targets
Microsoft missed third-quarter sales and earnings targets and warns that it will miss analysts estimates for the year ahead, causing the stock to fall sharply in after-hours trading. (more)
American Express
Cost-cutting helped Amex record a 15% increase in first-quarter earnings. (more)
ASX Australia
The All Ords closed up slightly at 3356 on strong volume. A weak close saw the Chaikin Money Flow return to negative territory while the MACD and Slow Stochastic remain positive.

Amcor [AMC]
Acquisitions in Europe and North America helped the packaging giant lift March-quarter earnings by 17.5%. (more)
Optus faces further cuts [SGT]
Further staff cuts are expected as revenue falls. (more)

Short-term: Look for new entries. Keep stop losses tight.
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

P.S. We are trying out new Email software. Please report if you experience any problems with the trading diary.

Please forward this to your friends and colleagues.

Back Issues
Click here to access the Trading Diary Archives.

Back Issues
Access the Trading Diary Archives.