1/25 Morningline

After last week's Sturm und Drang in the markets, my indicators this morning have all opened shy, passive and lethargic, with barely a blip up or down to enliven a Monday morning.

Currencies were aflutter like humingbirds before the bud.

What is it about a slow start that turns prose purple?

The so-called fear index, the VIX, was the exception, dropping 8.3 percent from this morning's open. Blue chip stocks (SPY) were trading narrowly in the middle of Friday's wide trading range, in the midst of a support level set from mid-November to mid-December. There are no potential bull or bear signals, using Person's Proprietary Signal, at the start of trading today. The only economic report scheduled for today was existing home sales. The big potential market mover was the FOMC announcement on Wednesday, which is also the day President Obama is to give his first state-of-the-union address.

Indicators, at about 10 a.m. Eastern:

• Blue chip stocks (SPY) is trading at $110.18, entered bear mode at close on Jan. 21 (at $111.70)
• Fear index or volatility (VIX) 25.22, bull (bearish for stocks), Jan.21 (22.27)
• Treasury long bonds (TLT) $91.91, bull, Jan. 12 ($90.32)
• Corporate junk bonds (JNK) $38.76, bear, Jan. 13 ($39.85)
• Gold (GLD) $107.18, bear, Jan. 12 ($110.49)
• Oil (USO) $36.51, bear, Jan. 12, ($39.63)

 Forex currency pairs:

• Dollars per euro (EUR/USD) $1.414, bull, Jan. 11 (1.4512)
• Yen per dollar (USD/JPY) 90.25 yen, bear, Jan. 12 (90.97 yen)

Stock options holdings, February expiry:

• CVS, iron condor (p29/-p31/-c34/c36) $33.18, bull, Jan. 21 ($33.24)
  
• ERTS, iron condor (p15/-p16/-c18/c19)  $16.97, bear, Jan. 22 ($16.27)
  
• PALM, covered call (s/-c13)  $12.11, bear, Jan. 22 ($11.93)
  

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Topics:
S&P 500, SPDR, Spiders, Treasury bonds, high-yield corporate junk bonds, gold, precious metals, oil, petroleum, CVS, pharmacies, drugs Electronic Arts games, Palm smartphones Pri Pixi.