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Trading Diary
August 4, 2003
The intermediate trend is up. The index has formed a bullish ascending triangle with resistance at 9360. Support is at 9000.
The primary trend is up.
![](https://tradingdiary.incrediblecharts.com/images/fm_images/2003-08-04b_djiaa.png)
The intermediate trend is up. The index appears to be ranging between 1015 and 974. A fall below 974 will signal an intermediate down-trend.
Twiggs Money Flow (21) has crossed below zero, signaling distribution.
The primary trend is up.
![](https://tradingdiary.incrediblecharts.com/images/fm_images/2003-08-04b_spx.png)
The intermediate trend is up. The index has formed a bearish lower high at [b]; a break below 1679 will signal a down-trend.
The primary trend is up.
![](https://tradingdiary.incrediblecharts.com/images/fm_images/2003-08-04b_comp.png)
Short-term: Long if the S&P500 is above 986. Short if below 974.
Intermediate: Long if S&P 500 is above 1015. Short if below 950.
Long-term: Long is the index is above 974.
August and September are, historically, the market's worst two months of the year. (more)
The yield on 10-year treasury notes eased a further 10 points to 4.32%.
The intermediate and primary trends are both up.
New York (18.42): Spot gold has leveled off at $349.30.
The primary trend is still upwards.
The intermediate trend is up. A fall below 2978 would signal a reversal.
The primary trend is up.
Slow Stochastic (20,3,3) is above its signal line; MACD (26,12,9) is above; Twiggs Money Flow signals accumulation.
![](https://tradingdiary.incrediblecharts.com/images/fm_images/2003-08-04b_xao.png)
Short-term: Long if the All Ords is above 3127. Short if the index falls below 2978.
Intermediate: Long if the index is above 3127.
Long-term: Long if the index is above 2978 .
CEY has formed a long-term ascending triangle, completed with a breakout above resistance at 2.43.
Twiggs Money Flow (100) signals strong accumulation. MACD is bullish.
![](https://tradingdiary.incrediblecharts.com/images/fm_images/2003-08-04b_ceyw.png)
![](https://tradingdiary.incrediblecharts.com/images/fm_images/2003-08-04b_ceyd.png)
![](https://tradingdiary.incrediblecharts.com/images/fm_images/2003-08-04b_ceya.png)
Last covered on June 16, 2003.
After forming a broad base, with a double bottom at [a] and [h], CPU has formed an ascending triangle over the last 2 months.
Twiggs Money Flow (100) is above zero but shows a bearish divergence, declining while price rises. MACD is bullish.
![](https://tradingdiary.incrediblecharts.com/images/fm_images/2003-08-04b_cpuw.png)
![](https://tradingdiary.incrediblecharts.com/images/fm_images/2003-08-04b_cpud.png)
The close at [3] was still weak but lower volume signals that resistance may be diminishing.
![](https://tradingdiary.incrediblecharts.com/images/fm_images/2003-08-04b_cpua.png)
The target for a breakout would be the 2.35 resistance level.
Rules Conditional # 2
To "buy down" requires a long purse and a strong nerve,
and ruin often overtakes those who have both nerve and
money.
The stronger the nerve the more probability of staying too
long.
~ SA Nelson: The ABC of Stock Speculation (1903).
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