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Trading Diary
May 26, 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 market is closed Monday for Memorial Day.

The Chartcraft NYSE Bullish % Indicator climbed to 62.56% on May 23; following a Bull Correction buy signal (April 3).

Market Strategy

Short-term: Long if the S&P 500 rises above 954; short if the intermediate trend falls below 912.

Intermediate: Long if the primary trend reverses up (S&P rises above 954); short if the intermediate trend reverses down (falls below 912).
Long-term: There are already two bull signals: the March 17 follow through day and the April 3 NYSE Bullish % signal. Wait for confirmation from a Dow/S&P primary trend reversal.

Gold
New York (12.00): Spot gold closed early at $US 370.80.
On the five-year chart gold has respected the long-term upward trendline.

ASX Australia

The All Ordinaries formed an inside day, closing down 2 points at 2965. Lower volume favors a continuation (of the rally).
The intermediate trend is down but on a weak signal. A rise above 2984 will signal reversal.
The primary trend is down. A rise above 3062 will signal an up-trend.

Slow Stochastic (20,3,3) has crossed to above its signal line; Twiggs Money Flow (21) shows a bullish signal, respecting the zero line at [+]; MACD (26,12,9) is below its signal line but threatens to complete a similar signal to TMF.

Market Strategy

Short-term: Long if the All Ords rises above 2984; short if the XAO falls below 2908.
Intermediate: Long if the primary trend reverses up ( crosses above 3062 ); short if the XAO is below 2908.
Long-term: There is already a bull signal: the March 18 follow through. Wait for confirmation from a primary trend reversal.

SIMS Group [SMS]
Last covered on May 21, 2003.
SMS broke below support at [d], completing an intermediate double top reversal, from [b] and [c]. The stock has since pulled back to test resistance at 8.50. The first 2 days were on lower volume but the third day closed above 8.50 on slightly higher volume.
The close above resistance signals that the pattern is weak and a further higher close will indicate failure.

Understanding the Trading Diary has been expanded to offer further assistance to readers.

Colin Twiggs

The world is full of magical things
patiently waiting for our wits to grow sharper.

- Bertrand Russell

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