4/23 Morningline: Stocks and Bonds

Blue chip stocks (SPY): Flat, at the top of yesterday's range. Treasury long-term bonds (TLT): Down, below yesterday's range. Fear (VIX): Declining for the second straight day.

Greeks: Still indebted. Economy: Still recovering, without conviction. Coffee: Dark and bitter.

Meaning: None. It's a morning of unmotivated slackers looking ahead to a fine spring weekend away from the trading terminal. Just another morning in Paradise.

	trend	adx	psar	pps	macd	macd trend	sto	sto trend
SPY $121.49
VIX 16.13
TLT $90.02

At 10:14 a.m. Eastern

SPY is showing a parabolic sar bull signal this morning, a companion to the Person's Proprietary Signal bull flag of three days earlier. The signal is in the direction of the larger trend and ended a five day bear whipsaw.

But with the average directional index low and getting lower, the trend is weak, and I lack confidence in any directional signal.

TLT this morning is showing a pps bear signal. It appeared after trading began, and may well end up being a ghost signal of the sort the pps often displays.

The subsidiary technicals on TLT continue to deteriorate -- the macd and the stochastic. My main signallers, however, remain bullish.

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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

Exchange-Traded Fund Symbols:
EEM - emerging markets
EUR/USD - euro/dollar currency pair
GLD - gold
JNK - high-yield corporate bonds
SPY - blue-chip stocks
TLT - Treasury long-term bonds
USD/JPY - dollar/yen currency pair
USO - crude oil
VIX - fear index

About the glance: The colors indicate the state of each signal.

• trend: Determined by the 5-day moving average, green for up, red for down, yellow for sideways
• adx: orange for above 30-up, blue for 20-down, purple for in the middle. Red is most prone to whipsaws
• psar, pps, macd: green for bull mode, red for bear
• sto: green for overbought, red for oversold, yellow for the neutral zone.

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