Monday, December 7, 2009

12/7 Watchlist

Here is how my holdings stand:

HIG is showing a pps bear indicator, and I shall close the bullish position if the indicator persists into the last half hour.

KO, in bull mode, stands just above the max profitability point of my iron condor. No action.

UNG, showing a pps bull indicator, hit near-term upside resistance and pulled back a bit. No action.

Among the high-volume stocks:
  • HPQ shows a pps bull signal in a retracement during an up trend.
  • X shows a pps bear signal at the top of an upward retracement in a larger down trend. 
Both are possible trades.

Among the high volume ETFs, no joy:
  • FXI (tracking the FTSE index) is showing a new pps bear signal in a sideways trend. The mfi is wishy-washy, so no trade.
  • DIA (tracking the Dow Jones Industrial Average) also shows a new pps bear signal in a sideways trend, with the mfi pointing downward. I would feel happier about this one than FXI, but this is the fifth pps signal since Nov. 20 with no price change to speak of, so no trade. 

Looking at another possibility:

GLD, having opened at 111.51 this morning following Friday's fall from 117.15, has retraced up to 114.22 and then pulled back again. Despite Friday's pps bull signal, this is not a bear trade I would take, despite the retracement. The 20-day and 200-day moving averages remain up, and the form of the price action is that of a retracement in an upward trend. If the price were to pierce 104 downward, retrace above that and then continue downward to a new low since Dec. 3, then I would consider the likelihood of a new trend being in place. Otherwise, I'll play the upside.

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