Trading Diary
August 8, 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 completed a follow-through on the third
day of the rally, rising 3% to close at 8712.
The primary cycle trend is downwards but a rally above 8806 will signal a reversal.
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The primary cycle trend is downwards but a rally above 8806 will signal a reversal.
The Chartcraft NYSE Bullish % Indicator has given a bull alert signal, with a reading of 30% (August 7).
The Nasdaq Composite completed a follow-through, rallying 2.8% to close at 1316. The primary cycle is in a down-trend. A break above 1355 will signal a reversal.
The S&P 500 rallied 29 points to close at
905, another follow-=through day.
The primary cycle trends downwards. A break above 912 will
signal a reversal.
ASX Australia
The All Ordinaries rallied a further 25 points
to close at 3024 on average volume. The primary cycle trends
down.
The Stochastic has joined MACD (26,12,9) above
its signal line. Twiggs money flow is improving.
No chart analysis today. I have been
re-visited by the 'flu and wouldn't trust anything I write to
make much sense.
Conclusion
Short-term: Long. Slow
Stochastic and MACD are above their respective signal
lines.
Medium-term: Wait for the All Ords to signal a
reversal.
Long-term: Wait for a bull-trend on the Nasdaq
or S&P 500 (primary cycle).
Colin Twiggs
Thought for the Day:
Common sense is not so common.
- Voltaire.
Common sense is not so common.
- Voltaire.
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