Some tips for registering and logging in on the Chart Forum:
Registration
Only fields with an * are required fields. The rest are optional.
The username uses only lowercase - no CAPITALS.
Logging in
Automatic Login is a time-saving feature that recognizes you when you visit the forum. If activated, there is no Login field displayed. Instead, you will see a message: "Logged in as username", in the forum header.
The auto login can be turned on/off under Profile.
Trading Diary
September 27, 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 plummeted 3.7% to close at 7701 on strong volume. The key
support level is 7700 to 7500 with another at 7000.
The primary cycle trends down.
The Nasdaq Composite Index fell 1.8% to 1199.
The primary trend is down.
The S&P 500 lost 27 points to close at 827. Support is at 780 to 795.
The primary trend is down.
The Chartcraft NYSE Bullish % Indicator reflects a bear confirmed signal at 34% (September 26).
The primary cycle trends down.
The Nasdaq Composite Index fell 1.8% to 1199.
The primary trend is down.
The S&P 500 lost 27 points to close at 827. Support is at 780 to 795.
The primary trend is down.
The Chartcraft NYSE Bullish % Indicator reflects a bear confirmed signal at 34% (September 26).
Consumer confidence low
While consumer spending has risen, consumer sentiment is falling. (more)
Back Issues
While consumer spending has risen, consumer sentiment is falling. (more)
GE loses spark
While affirming forecast earnings for the current year, GE says that 2003 looks more challenging than previously expected. (more)
Gold
New York: The spot gold price, surprisingly, closed down 50 cents at $US 319.90.
While affirming forecast earnings for the current year, GE says that 2003 looks more challenging than previously expected. (more)
Gold
New York: The spot gold price, surprisingly, closed down 50 cents at $US 319.90.
ASX Australia
The All Ordinaries rallied above the 2940 support level,
closing at 2966 on strong volume.
The Slow Stochastic (20,3,3) crossed to above its signal line. Twiggs money flow signals distribution.
The primary trend is down.
The Slow Stochastic (20,3,3) crossed to above its signal line. Twiggs money flow signals distribution.
The primary trend is down.
Gold stocks
Three major gold stocks gapped down on Friday.
Newcrest Mining [NCM] broke out below a 3-month rising wedge (normally a bullish pattern) with Twiggs money flow signaling distribution.
Three major gold stocks gapped down on Friday.
Newcrest Mining [NCM] broke out below a 3-month rising wedge (normally a bullish pattern) with Twiggs money flow signaling distribution.
Lihir Gold [LHG] has broken out of an upward trend channel.
Twiggs money flow has broken a 6-month up-trend.
Twiggs money flow is stronger on AurionGold but price has
gapped down from a short-term pennant pattern. Support is at
2.93.
Sector Analysis
Changes are highlighted in bold.
Changes are highlighted in bold.
- Energy [XEJ] - stage 1 (RS is falling)
- Materials [XMJ] - stage 4
- Industrials [XNJ] - stage 4 (RS is falling)
- Consumer Discretionary [XDJ] - stage 4
- Consumer Staples [XSJ] - stage 1 (RS is rising)
- Health Care [XHJ] - stage 4
- Property Trusts [XPJ] - stage 3 (RS is rising)
- Financial excl. Property Trusts [XXJ] - stage 4
- Information Technology [XIJ] - stage 4
- Telecom Services [XTJ] - stage 1
- Utilities [XUJ] - stage 2 (RS is rising)
Sectors: Relative Strength
A stock screen of the ASX 200 using % Price Move (1 month: +5%) has fallen to only 15 stocks, compared to 99 on August 23.
Notable sectors:
A stock screen of the ASX 200 using % Price Move (1 month: +5%) has fallen to only 15 stocks, compared to 99 on August 23.
Notable sectors:
- Forest Products
Conclusion
Short-term: Avoid new entries. The Slow Stochastic and MACD are
on opposite sides of 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:
I made a fortune buying late, and selling early.
- Unknown.
(With thanks to Uturn on the forum)
I made a fortune buying late, and selling early.
- Unknown.
(With thanks to Uturn on the forum)
Back Issues
Click here to access the
Trading Diary Archives.
Back Issues
Access the Trading Diary Archives.
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.