Today's trading on the low-level chart was a far cry from Wednesday's exuberant push above $115.14, the high set Jan. 14 at the end of a 10-month run up from $67.10.
A successful, persistant push above $115.14 means that the bull market begun in March 2009 still has legs. A drawback from current levels suggests further correction and perhaps even another bearish slide back into the double digits.
The Treasury long-term bonds, TLT, pushed up to cover the area of Monday's downward gap before retreating a bit, this despite a two-day-old psar bear signal.
Abbreviations:
psar - Parabolic Stop and Reverse, adx - Average Directional Index, pps - Person's Proprietary Signal, ma20 - 20-day moving average, macd - Moving Average Convergence-Divergence, mfi - Money Flow Index, sto - Fast Stochastic
psar - Parabolic Stop and Reverse, adx - Average Directional Index, pps - Person's Proprietary Signal, ma20 - 20-day moving average, macd - Moving Average Convergence-Divergence, mfi - Money Flow Index, sto - Fast Stochastic
The adx, low at 12, is in whipsaw territory. The macd, although in bear territory, rose slightly toward the zero line, and the sto reversed course out of oversold territory back into the neutral zone, a bullish sign.
TLT's bull signal, I can safely say, lacks credibility.
A banner day for the watchlist: Two successes, a failure and a wash. It all makes me wish I had a bell by Jim Cramer does. (Buy! Buy! Buy! Sell! Sell! Sell! Booyah, Baby!!)
Great section on what to do when good trades go bad.
Psar bull signal:
- AMZN, analysis: Rose to $132.70 but mired in congestion.
- AOD, analysis. At $9.05. Next resistance at $9.20.
- AUD/CAD, analysis. New today. No breakout.
- EWT, analysis. Fell to a low of $12.32, a penny above prior resistance. Next resistance at $13.46.
- EWY, analysis. Pulled back slightly today. The macd, though in bull territory, declined, and the sto, within overbought territory, has also truned down. Next resistance at $50.54. Were this a holding I would close the position now and pocket 4.1% profit. I declare this call a SUCCESS!
- GE, analysis. New today. No breakout.
- INTC, analysis 1 2. Stalled at $21.11. Next resistance at $21.55.
- KFT, analysis. No breakout.
- MGM, analysis. Pulled back today, as the still bullish macd begins a decline and the sto heads back down toward the neutral zone. Next resistance at $12.03. I'd close this out now for a 5% profit. This call was a SUCCESS!
- NVDA, analysis. Pulled back today, declining macd, sto has fallen back to the neutral zone. The current $17.14 price is below the $17.62 hypothetical entry point, and I'm voting this turkey off the island. This call was a FAILURE!
- T, analysis. Pulled back, declining macd, sto back to the neutral zone. At $25.45 the price is slightly above the $25.30 hypothetical entry.I would close at this point for 0.6% profit. This call was pretty much a WASH.
- USD/JPY, analysis. Pulled back a bit from the trigger level. No breakout.
- DOW, analysis. Reached as low as $28.61 before pulling back to $29.15. A new addition. Next downside support at $27.88
- GLD, analysis. Reached $107.86 before pulling back to $108.49. Next support at $106.60.
- HPQ, analysis. New today. No breakout.
- IVZ, analysis. Down to $19.52 before pulling back to $19.84. Next support at $18.95.
- WFC, analysis. Stalled around $29.46, below the $29.83 resistance opint that it pierced on Wednesday. Next resistance, set in October 2008, is around $30. It's a pretty congested region and will be difficult to overcome.
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Topics:
Alpine Total Dynamic Dividend fund, Amazon amazon.com books, AT&T Telecommunications, Dow Chemical, Taiwan, Korea, gold, Invesco investments, Intel semiconductors bum-bum-bum-buh, Kraft Foods, MGM Mirage gaming casino resort, Nvidia video, Wells Fargo bank financial,
U.S. dollar Japanese yen forex.
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