1/4 Watchlist

Problem-child SBUX, which I entered as a January bull put spread (p22.5/-p24), continues to trade down. It's about 6 cents above support. If it breaks through, I'll close the position.

The pps bull signal on LVS, which I hold as a January covered call, continues to exist. No impact on the position.

Otherwise, my holdings are where I want them to be.

Among the indicators, SPY shows a pps bull signal, after showing a bear signal on Dec. 31, the last trading day. It is trading slightly high than the previous trading day's high.

JNK continues to show a pps bull signal on an increase, as does GLD.

USO, the oil etf, remains at the level it gapped up to this morning, but shows to signal. The closely related energy sector etf, XLE, shows the gap and a pps signal, but a pretty sorry trend profile. Any bullish position on XLE would be a counter-trend strategy.

Among the currencies, EUR/USD continues to show a pps bull signal, but it is unsupported by the trend.

Scanning the high-volume etfs for those showing signals and a supporting trend

• QQQQ, pps bull signal one trading day after a bear signal
• EEM, gap up on the 5th day after a pps bull signal; stochastic bull
  
• IWM, pps bull one trading day after a bear
  
• VWO, gap up and bull signals on the macd and stochastic while crossing above the 20-day moving average. No pps signal, and the trend is sideways. 

Of these, I find QQQQ to be the most interesting. But, first day of trading, sort of an unusual day by definition. I shall wait and see (while watching the Qs and the oils closely).

I didn't find a lot to like on the stocks. Mainly, there were a lot of gaps up and signals whipsawing bear signals last week, and not supported by the trend. So, no trades. I'll wait and see.

• T, pps bull, also existing bull signals on macd and stochastic
• MS, pps bull and an existing macd bull and ma20 breakthrough; its a counter-trend trade at  this point, but the power of the gap up suggests a new trend forming.
• NVS, significant gap down after a pps bear signal the prior trading day, amid a sideways trend.

Topics:, S&P 500, SPDR, Spiders, gold, oil, petroleum, Las Vegas Sands, gambling, resort, Starbucks, coffee, iShares emerging markets, Russell 2000, Vanguard emerging markets, AT&T telecommunications telcon, Morgan Stanley banking, Novartis Switzerland health care.