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Trading Diary
December 23, 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 formed an inside day, closing slightly down at 8493 on lower volume.
The primary trend is down and will only reverse up if the average rises above 9130.

The Nasdaq Composite gained 1.3% to close at 1381.
The primary trend is up.

The S&P 500 closed 2 points up at 897. The index is ranging between 965 and 768, establishing a base.

The Chartcraft NYSE Bullish % Indicator appears stuck at 50% (December 20).
Oil prices rise
Crude oil futures reach a 2-year high as tension over Iraq escalates and Venezuelan strikes continue.



Gold
New York: Spot gold is back up 500 cents at $US 345.30.



ASX Australia
The All Ordinaries rallied a further 20 points to close at 2999 on low volume.
The index continues to range between 2915 and 3050, building a broad base.
MACD (26,12,9) crossed to above its' signal line; Slow Stochastic (20,3,3) is above its' signal line; Twiggs money flow signals accumulation.






Market strategy
For further guidance see Understanding the Trading Diary.

Short-term: Long. The Slow Stochastic and MACD are above their respective signal lines.
Medium-term: Avoid new entries.
Long-term: Wait for confirmation of the bottom reversal signal.

Colin Twiggs


To put the world right in order, we must first put the nation in order;
 to put the nation in order, we must first put the family in order;
 to put the family in order, we must first cultivate our personal life;
we must first set our hearts right.

- The Analects of Confucius.






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