2/12 Watchlist

All the indicators I follow are trading within yesterday's range.

All are trading up from the open except for Treasury long bonds (TLT), which opened above yesterday's range but are now trading down. The etf has traced half a percent high to low so far today.

Gold (GLD) continues to show a macd bull signal, as does EEM.

The dollar is trading up against the euro and the yen.

To the scan. Here's what's notable among high-volume . . .

. . . exchange-traded funds: Most broad-market etfs are showing bull signals. QQQQ, tracking the NASDAQ, a macd bull signal on a slight rise above yesterday's close. The stock is trading at $43.75, a resistance point. Further resistance at $44.85 and $46.64. More broadly, the stock has pulled back from a post-collapse high. If the present uptrend continues, it would count as a higher-low, presumably leading to a higher high. This position meets my criteria for a bullish directional trade. EEM, emerging markets, bull signal. The long-term trend discussion of the Qs also applies here. EEM is trading at $38.43, with resistance at $39, $40 and $42.80. VWO, the Vanguard emerging markets, similar pattern. IWM, Russell 2000, bull signal, ditto the long-term. Now $60.72. Resistance $61, $62, $64.87. UNG, natural gas, bull signal in a sideways trend. I have no interest in any directional position here. Might be a suitable iron condor or, given the low price ($9.90), covered call. XLE, energy, bull signal, pretty much a sideways trend since October, but with more volatility than UNG has shown. I'd play this as an iron condor if I could find good premium on a $54 to $60 range for maximum profit at expiry.

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• XLI, Amex industrials, bull signal. It's now trading at $27.60, a resistance level, having pulled back from a high in a long-running uptrend. Further resistance at $28.4-, $29 and $29.51.
• DIA, Dow Jones Industrial Average, bull signal at the end of a flat week. Now at $100.90, resistance at $102, $103 and $107.23.
• XLK, Amex technology, same as DIA, but at $21.27, resistance at $22 and $23.06.
• EWA, Australia; EWT, Taiwan, bull signals. I think these longer-term patterns are a lower-low, the start of a downtrend. So I'm not much interested.

. . . corporate shares:

• INTC, macd bull signal for a second day on a 4.5% rise low to high. It's a news move. INTC is signing a collaboration agreement with a Chinese corporation. The longer-term move has been sideways, between $21.50 and $19. The current position is $20.50. It could be played as short-term directional, for a decent profit, or as a fairly wide iron condor (or even a covered call). 
• JPM, bull signal with no price rise. The stock is in a downtrend so this would be a counter-trend play. At $39.92, resistance at $40, $41, $43, and $44.80.
• X, bull signal, slight price rise. Longer term, the trend can be said as an uptrend. Now at $47.83, with reesistance at $52.50, $57.50 and $65.53. A decent directional trade.
• AAPL, bull signal, price up 2.5% low to high. At $200.55 it's at resistance, with further resistance at $207.50 and $215.55. The trend is ambiguous, but I could call it an uptrend. I just find AAPL to be awkward for position sizing because the price is so high.
• WMT, bear signal. Now at $52.83, this stock has been trading a swing between $52.50 and $54.50 since mid-January.
• HAL, bull signal, at $29.82, resistance at $31 and $34.72. Longer-term an ambiguous bull trend.

I don't see any trade here that I plan to take today. Maybe next week, after I've closed out some of my February positions. I'll discuss my tasks for next week in the Almanac, upcoming.


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Topics:
Treasury bonds, emerging markets, gold, precious metals, tech-heavy NASDAQ, emerging markets, Russell 2000, natural gas, energy, Amex industrials, Dow Jones Industrial Average DJ30, Amex technology, Australia, Taiwan, Intel, JP Morgan Chase, United States Steel, Apple computer Macintosh iPod iPhone iPad i-yai-yai, , Haliburton oilfield services drilling.