4/9 Morningline: Stocks, bonds and indicators

Stocks and bonds are trading near the top of yesterday's ranges. 

	trend	adx	psar	pps	macd	macd trend	sto	sto trend
SPY $119.22
TLT $88.47

At 10:10 a.m. Eastern

The Person's Proprietary Signal flags that showed on oil and emerging markets yesterday after disappeared to wherever phatom signals go. The False Signals Graveyard?

Let's look at things in a broader perspective . . .

The blue chip stocks (SPY) have been bouncing between $117.59 and $119.36 for five days (counting today so far).

Before that, the price trended sideways between $115.50 and $117.50 for a period of 11 days, with a couple of brief pushouts.

In January, SPY hit a high of $115.13, just below that level.

So, despite all the Greek bonds and recovery dreams and earnings hopes and interest rates fears, the market has moved very little.

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The Treasury long-term bonds (TLT) show a steadier pattern of slow decline on the six-month chart, but it barely qualifies as a trend.

Gold (GLD), oil (USO), emerging markets (EEM), high-yield corporate debt (JNK) tell the same tale: They've fluctuated, as stocks do, but they're running in place.

The dollar-yen (USD/JPY) forex pair shows a decline, similar to that of TLT. The euro-dollar pair (EUR/USD) shows more of a sideways pattern, with wide swings.

	trend	adx	psar	pps	macd	macd trend	sto	sto trend
VIX 16.21
JNK $39.64
GLD $113.02
USO $41.65
EEM $43.68
EUR/USD $1.3466
USD/JPY ¥93.32

At 10:13 a.m. Eastern

The message of the charts is that this is a time for swing trading: Shorter-term plays that captures the fluctuations. A trending market allows traders to make money by buying and holding. That's not the sort of market we have today.

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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