Trading Diary
May 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 fell a further 1% to close below 10000,
at 9939, on normal volume.
The Nasdaq Composite dropped 3.0% to close at 1600, continuing the secondary cycle down-trend.
The S&P 500 closed below the 1070 level, at
1054.
Berkshire Hathaway
Warren Buffet's investment icon achieves a 52%
rise in first-quarter profits due to higher insurance prices.
(more)
ASX Australia
The All Ords closed down at 3279 on weak volume,
approaching the correction target of 3230 to 3240.
ANZ [ANZ]
ANZ
chief John McFarlane has exercised 1 million share
options. (more)
Chaikin
Money Flow is strengthening but MACD still looks
weak.
Forrest quits Anaconda [ANL]
The founder of Anaconda Nickel
severs his remaining ties with the company. (more)
MACD has signaled a number of bullish
divergences, all of which have failed to deliver, while Chaikin
Money Flow has signaled strong distribution.
Sectors: Banks
The banking sector continues its strong up-trend
with the index making new highs and relative strength (price
ratio) rising.
Conclusion
Short-term: Avoid long.
Medium-term: Wait for the All Ords to form a
base.
Long-term: Wait for the Nasdaq or S&P 500 to
form a base.
Colin Twiggs
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