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Trading Diary
January 27, 2003

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 1.7% at 7989 on strong volume and appears headed for a re-test of the 7500 support level.
The primary trend is down.

The Nasdaq Composite lost 1.2% to close at 1325. The next major support level is at 1200.
The primary trend is up.

The S&P 500 closed down 14 points at 847 and appears headed for a re-test of support at 768.

The Chartcraft NYSE Bullish % Indicator is at 54% (January 24).
Iraq
UN chief weapons inspector Hans Blix reports to the Security Council that Iraq is resisting efforts to disarm it: "Iraq appears not to have come to a genuine acceptance, not even today, of the disarmament which was demanded of it."  (more)



Gold
New York: After peaking above 373.00 spot gold had retreated to $US 369.40 at 16:00.



ASX Australia
The market was closed for Australia Day.


Market strategy
For further guidance see Understanding the Trading Diary.

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

Colin Twiggs


A man who has never gone to school may steal from a freight car,
but if he has a university education, he may steal from the whole railroad.

To educate a man in mind and not in morals is to educate a menace to society.

- Theodore Roosevelt.






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