We wish our readers peace and goodwill over Christmas
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Trading Diary
December 24, 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 almost unchanged at 8446 on
low volume.
The primary trend is down and will only reverse up if the average rises above 9130.
The Nasdaq Composite closed 13 points down at 1368.
The primary trend is up.
The S&P 500 closed 7 points down at 890. The index is ranging between 965 and 768, establishing a base.
The Chartcraft NYSE Bullish % Indicator appears stuck at 50% (December 24).
The primary trend is down and will only reverse up if the average rises above 9130.
The Nasdaq Composite closed 13 points down at 1368.
The primary trend is up.
The S&P 500 closed 7 points down at 890. The index is ranging between 965 and 768, establishing a base.
The Chartcraft NYSE Bullish % Indicator appears stuck at 50% (December 24).
Is inflation making a comeback?
Oil, gold and the dollar all point towards higher prices. (more)
Gold
New York: Spot gold is testing resistance at $350, up 390 cents at $US 349.20.
Oil, gold and the dollar all point towards higher prices. (more)
Gold
New York: Spot gold is testing resistance at $350, up 390 cents at $US 349.20.
ASX Australia
The All Ordinaries closed unchanged at 2999 on very low
volume.
The index continues to range between 2915 and 3050, building a 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.
The index continues to range between 2915 and 3050, building a 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.
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
The ultimate goal of a more effective and
efficient life
is to provide you with enough time to enjoy some of it.
- Michael Leboeuf.
is to provide you with enough time to enjoy some of it.
- Michael Leboeuf.
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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.