5/4 Watchlist: Stocks

It's getting ugly out there, for bull positions at least. Let's enjoy the carnage:

Everything on the bull list is down. Everything is failed and broken. Life sucks.

I'm not exiting any of these signals today, although by strict application of the rules I should. Two reasons:


First, none of them has fallen below where they were trading sometime in April. So if it's a breakdown, it's not yet a major one.


Second, it's coming in context of a general market mini-panic. These things are generally followed with a bounce back. Even in 1987 that was the case. So I'm looking ahead to a partial retracement, at the worst. If the Greek debt crisis is indeed the origin of the panic, then that makes it even more ephemeral.



Stocks that showed Parabolic SAR bull signals:

• * CIEN, 4/26. Down 3.7% high to low intraday (hlid).
• CVX, 5/3.  Down 3.2% hlid, with a new psar bear signal.
• PCAR, 4/23. Down 5% hlid. New bear sig.
• * UNP, 4/29. Down 2.6% hlid. New bear sig.
• XLE, 4/17. I pegged this as a $56 to $60 May iron condor. Finally in the profitable range! The parabolic sar and pps are in bear phase.
• XLI, 5/3. Down 33% hlid. New bear sig.

Bear signals: None, more's the pity.

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Stocks showing a Parabolic SAR bear signal: None.

Stocks of interest (I wouldn't necessarily trade them):

• FNM,  4/13, 4/23. Agnostic. Decisively moved below the lower trendline of a symmetrical triangle, thereby breaking the pattern.

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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