Oh, to heck with it. In a market this boring, I lack the energy for even an overdrawn simile.
Very narrow trading ranges on the indicators, except for TLT. The Treasury long-bonds etf set a low on the three-month chart, and has risen, covering 0.7% low to high. This is a significant break a six-day decline.
TLT is a bellweather of trader's estimates for the economy. An expectation of lower interest rates means higher prices. Of course, in a recession, when credit has been loosened to such an extent, an expectation of lower rates suggests, to me at least, a worsening of the economy.
The Watchlist:
Stocks
Psar bull signal:
| A veteran of the markets, writing with the serious trader in mind, details a proven approach to analyzing market behavior, identifying profitable trade setups, and executing and managing trades–from entry to exit. |
Psar bear signal:
- F, analysis. At $13.44 with a break down tothe 20-day moving average. Next lower reversal at $12.75.
- FNM, analysis. At $1.05. Next reversal $1.03, then 98¢.
- JNJ, analysis. At $64.92. This is the third day for higher prices.Reversals are $64.53, and then $64.15. I pegged this in analysis as a $62-$65 iron condor. I'm not playing it for my own account because of the potential profit/loss ratio, which is 1:3.
- MDZ, analysis. At $7.95. Next reversal at $7.79
Forex
Psar bull signal:
- AUD/CAD, analysis. New today. At C$0.9356. Next reversal at C$0.9418.
- AUD/USD, analysis (same as AUD/CAD). New today. At $0.9182. Next reversal at $0.9251
- EUR/CAD, analysis. At C$1.3671, another pullback.Next upside reversal at C$1.4103; downside at C$1.3570.
- EUR/CHF, analysis. At SFr. 1.4307, next reversal at SFr. 1.4623
- AOD, shares, a dividend play. At $8.98. Yesterday's new pps bull signal proved to be a ghost and has disappeared.
- JNK, shares, a dividend play. At $39.79.
- NLY, shares, a dividend play. At $17.10 after an ex-div gap and then a further decline. NLY is the gift that keeps on giving, but only if you're into pain.
- MCO, an April covered call with a $29 strike, is trading at $30.37.
- MGM, an iron condor with maximum profit expiration between $10 and $12. Trading at $12.26, so it's beyond the range of maximum profit at expiration.
- PALM, shares, a zombie position. At $3.76. Don't ask.
- XLE, An April iron condor with maximum profit at expiration between $56 and $59. Trading at $57.27, in the middle of the profit range.
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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
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