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Trading Diary
December 30, 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 marginally higher at 8332 on
normal volume.
The primary trend is down and will only reverse up if the average rises above 9076 (the high from December 02).
The Nasdaq Composite lost 9 points to close at 1339.
The primary trend is up.
The S&P 500 closed 4 points up at 879. The index is ranging between 965 and 768, establishing a base.
The Chartcraft NYSE Bullish % Indicator appears stuck at 50% (December 27).
The primary trend is down and will only reverse up if the average rises above 9076 (the high from December 02).
The Nasdaq Composite lost 9 points to close at 1339.
The primary trend is up.
The S&P 500 closed 4 points up at 879. The index is ranging between 965 and 768, establishing a base.
The Chartcraft NYSE Bullish % Indicator appears stuck at 50% (December 27).
Retail sales soft
Wal-Mart, JC Penney and Federated Stores, owners of Macy's and Bloomingdales, report mixed results. (more)
Gold
New York: Spot gold lost 470 cents to close at $US 344.20.
Wal-Mart, JC Penney and Federated Stores, owners of Macy's and Bloomingdales, report mixed results. (more)
Gold
New York: Spot gold lost 470 cents to close at $US 344.20.
ASX Australia
The All Ordinaries recorded a 30-point drop to close at 2961 on
low volume, headed for a test of support at 2920.
The index is ranging between 2915 and 3050, building a base.
Slow Stochastic (20,3,3) crossed to below its signal line; MACD (26,12,9) is above; Twiggs money flow signals accumulation.
The index is ranging between 2915 and 3050, building a base.
Slow Stochastic (20,3,3) crossed to below its signal line; MACD (26,12,9) is above; 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: Avoid new entries. The Slow Stochastic and MACD are
on opposite sides of their respective signal lines.
Medium-term: Avoid new entries.
Long-term: Wait for confirmation of the
bottom reversal signal.
Colin Twiggs
People err according to their own level.
It is by observing a person's mistakes that you can know his/her goodness.
- The Analects of Confucius 4:7.
It is by observing a person's mistakes that you can know his/her goodness.
- The Analects of Confucius 4:7.
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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.