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Trading Diary
December 03, 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 closed down 1.3% at 8742 on lower
volume. Three days of the counter-trend have failed to retrace
the gain of the 27th - a bullish sign.
The Nasdaq Composite index gapped down 2.4% to close at 1448.
The primary trend is up.
The S&P 500 closed down 14 points at 920.
The Chartcraft NYSE Bullish % Indicator signals a bull alert at 50% (December 02).
Back Issues
The Nasdaq Composite index gapped down 2.4% to close at 1448.
The primary trend is up.
The S&P 500 closed down 14 points at 920.
The Chartcraft NYSE Bullish % Indicator signals a bull alert at 50% (December 02).
AOL Time Warner
AOL Online expects declining advertising and sales revenues for 2003. (more)
Gold
New York: Spot gold is up 290 cents to $US 320.40.
AOL Online expects declining advertising and sales revenues for 2003. (more)
Gold
New York: Spot gold is up 290 cents to $US 320.40.
ASX Australia
The All Ordinaries closed down 11 points at 3037 on higher
volume. The strength of volume on the counter-trend will
indicate the state of the October/November rally.
The primary trend will reverse (up) if the index rises above 3150.
The Slow Stochastic (20,3,3) is above its signal line; MACD (26,12,9) is above; Twiggs money flow signals accumulation.
The primary trend will reverse (up) if the index rises above 3150.
The Slow Stochastic (20,3,3) is above its signal line; MACD (26,12,9) is above; Twiggs money flow signals accumulation.
QBE Insurance [QBE]
After a sharp fall in 2001, QBE has formed an ascending triangle with the upper border at 8.15. Relative strength (price ratio: xao) is rising, as are Twiggs money flow and MACD.
After a sharp fall in 2001, QBE has formed an ascending triangle with the upper border at 8.15. Relative strength (price ratio: xao) is rising, as are Twiggs money flow and MACD.
On the equivolume chart the long shadow and fairly heavy volume
at [13] indicates selling pressure. The subsequent low at [14],
lower than the previous low at [12], also indicates trend
weakness. Volume on the subsequent rally is strong but gains
are small and it may take several more swings before there is a
re-test of resistance at 8.15.
If there is a breakout, the target is 10.25 (8.15 + 8.15 - 6.05).
If there is a breakout, the target is 10.25 (8.15 + 8.15 - 6.05).
Market strategy
For further guidance see Understanding the Trading Diary.
For further guidance see Understanding the Trading Diary.
Short-term: Long. The Slow Stochastic and MACD are above their
respective signal lines.
Medium-term: Long.
Long-term: Wait for confirmation of the
bottom reversal signal.
Colin Twiggs
Remember your goal is to trade
well,
not to trade often.
- Alexander Elder.
not to trade often.
- Alexander Elder.
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Trading Diary Archives.
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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.