Friday, March 12, is 7 days before March options expire, 35 the April and 70 the May.
Blue chip stocks (SPY) closed the latest regular session at $115.45, up 0.4% from the prior close.
In total, 3.2 billion shares were traded on the three major U.S. stock exchanges, down 11.1% from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
Thursday, March 11, 2010
SPY Chart
SPY opened the day zig-zagging below $114.70 and then made a series of upward runs, beginning around 12:35 p.m. Eastern.
The first charge ran out of steam at $115.03. The second succeeded, closing above resistance at 3:08 p.m.
SPY pierces resistance
The SPY etf has again pierced resistance at $115.14, at 3:08 p.m. Eastern. I'll do a closer examining the low-level chart.
Closed T bull put spread
I've closed my March bull put spread on T with the stock at $25.57, or 1.1% above the entry point.
It cost me a 51-cent debit to buy back the options, so my profit on the trade was 9 cents, or 17.6%.
I had opened the position on Monday, so not bad for four days work.
It cost me a 51-cent debit to buy back the options, so my profit on the trade was 9 cents, or 17.6%.
I had opened the position on Monday, so not bad for four days work.
3/11 Watchlist
The S&P 500 exchange-traded fund, SPY, came within a 6 cents of the Jan. 14 high before motivated sellers overwhelmed the rise. A second run only made it to within a dime.
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.
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.
3/11 Roads not taken
A number of psar signals that I chose not to analyze. Here's the list and the reasons why.
HPQ psar bear signal
The technology company Hewlett-Packard (HPQ) is showing a psar bear signal as the sto moves from overbought territory down into the netural zone.
The macd is in bull mode but has been declining since Feb. 22.
The adx is a bit on the low side -- it stands at 25 -- so I see a somewhat heightened chance of a whipsaw here.
The macd is in bull mode but has been declining since Feb. 22.
The adx is a bit on the low side -- it stands at 25 -- so I see a somewhat heightened chance of a whipsaw here.
Opened GME bull call spread
I've opened a bull call spread on GME for a 43-cent debit with the stock trading at $19.28.
The vertical debit spread expires after trading on March 19 and is structured as long the $19 strike, short the $20 strike.
The break-even points is $19.43, with a max profit of 0.57 and a max loss of 0.43 (ignoring trading fees).
Earnings are on March 18, so I must exit nimbly.
See my analysis from earlier today.
The vertical debit spread expires after trading on March 19 and is structured as long the $19 strike, short the $20 strike.
The break-even points is $19.43, with a max profit of 0.57 and a max loss of 0.43 (ignoring trading fees).
Earnings are on March 18, so I must exit nimbly.
See my analysis from earlier today.
GME psar bull signal
The video game retailer GameStop Corp. (GME) is showing a credible psar bull signal amid reports that the company might be taken over.
The stock has traversed 7.2% today, low to high, and is trading at about $19.17, a resistance level.
The adx stands at 36, but has been declining since March 2. The sto today moved into overbought territory. The macd is in its fourth trading day in bull mode.
The stock has traversed 7.2% today, low to high, and is trading at about $19.17, a resistance level.
The adx stands at 36, but has been declining since March 2. The sto today moved into overbought territory. The macd is in its fourth trading day in bull mode.
AUD/CAD psar bull signal
The Australian-Canadian dollar currency pair (AUD/CAD) is showing a psar bull signal, accompanied by a pps bull signal.
The macd has been in bull territory since Tuesday, and the sto is in the neutral zone heading up toward the zero line.
The macd has been in bull territory since Tuesday, and the sto is in the neutral zone heading up toward the zero line.
Thinking about my WFC iron condor
My March iron condor on WFC is turning sour. With expiry only eight days a way, I need to figure out what to do.
Iron condors have their maximum profit at expiry within a range, and outside of that range the profit drops rapidly into a loss.
In other words, an iron condor has two ways to break the trader's heart.
Iron condors have their maximum profit at expiry within a range, and outside of that range the profit drops rapidly into a loss.
In other words, an iron condor has two ways to break the trader's heart.
3/11 Morningline
Blue chip stocks (SPY) and Treasury long-term bonds (TLT) opened in the middle of Wednesday's ranges, as though hung over from that day's excesses.
SPY on Wednesday slightly overshot its high of Jan. 14 but failed to establish that price, $115.14, as a new support level.
Will SPY again attempt to pierce that major resistance and resume the bull market that began in March 2009? Will SPY, despondent, sink back into beardom? Or will it stay put, embracing boredom as the price goes nowhere?
The morning's theme song is from the 1934 Cole Porter: "Anything Goes".
SPY on Wednesday slightly overshot its high of Jan. 14 but failed to establish that price, $115.14, as a new support level.
Will SPY again attempt to pierce that major resistance and resume the bull market that began in March 2009? Will SPY, despondent, sink back into beardom? Or will it stay put, embracing boredom as the price goes nowhere?
The morning's theme song is from the 1934 Cole Porter: "Anything Goes".
Tech Tool Changes
I'm changing my suite of technical tools by swapping out the Money Flow Index (mfi) and replacing it with the Average Directional Index (adx).
Altogether, I'll be looking at five technical signals to assess stocks. They are:
Altogether, I'll be looking at five technical signals to assess stocks. They are:
Wednesday, March 10, 2010
3/11 Almanac
Thursday, March 11, is 8 days before March options expire, 36 the April and 71 the May.
Blue chip stocks (SPY) closed the latest regular session at $114.97, up 0.4% from the prior close.
In total, 3.6 billion shares were traded on the three major U.S. stock exchanges, up 9% from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
Blue chip stocks (SPY) closed the latest regular session at $114.97, up 0.4% from the prior close.
In total, 3.6 billion shares were traded on the three major U.S. stock exchanges, up 9% from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
SPY: The final hour
As shadows lengthened across Wall Street, thoughts turned to home, and traders sought a final if temporary truth in the wandering prices that are the market, the low level chart of blue-chip stocks displayed the terrifying face of the Anti-Borg.
Resistance was anything but futile.
On the 133-tick chart, in the last hour of trading SPY tested the $115.14 resistance level 11 times, made it as high as $115.16, but then drew back.
Resistance was anything but futile.
On the 133-tick chart, in the last hour of trading SPY tested the $115.14 resistance level 11 times, made it as high as $115.16, but then drew back.
3/10 Watchlist
The exchange traded fund SPY, which tracks the S&P 500, is trading at $115.14 at this moment (2:28 p.m. Eastern), exactly the level of the Jan. 14 high that ended, for the moment, a 10-month rise in the market.
The price pierced the $115.14 resistance level several times during the day, peaking at $115.28 at 11:03 a.m. Each time it drew back to and below resistance.
At no point so far today that I can discern did $115.14 become a support level. And that's really the key to judging today's action, for $115.14 must be transformed from resistance to support for today's move to truly count as a higher high and resumption of the bull market that began in March 2009.
What SPY needed was some alchemy to change resistance lead into support gold.
The price pierced the $115.14 resistance level several times during the day, peaking at $115.28 at 11:03 a.m. Each time it drew back to and below resistance.
I'm reading this book, and it is so excellent.
At no point so far today that I can discern did $115.14 become a support level. And that's really the key to judging today's action, for $115.14 must be transformed from resistance to support for today's move to truly count as a higher high and resumption of the bull market that began in March 2009.
What SPY needed was some alchemy to change resistance lead into support gold.
Roads not taken
I've stated my dislike of trades based on news that has already become public, and there were a bunch of those today.
Here are some psar signals from my scan that I chose not to analyze, and why.
Here are some psar signals from my scan that I chose not to analyze, and why.
DOW psar bear signal
Dow Chemical Co. (DOW), showing a psar bear signal today, could be embarking on just another switchback in a sideways move that began with a gap up in November 2009.
To be a credible bear, DOW must push below $27.88. It's now trading at $29.11. So credibility is some distance away.
The pps gave a bear signal on Tuesday, and the macd remains in bull territory, although it is declining toward the zero-line for the third consecutive day.
To be a credible bear, DOW must push below $27.88. It's now trading at $29.11. So credibility is some distance away.
The pps gave a bear signal on Tuesday, and the macd remains in bull territory, although it is declining toward the zero-line for the third consecutive day.
USD/JPY psar bull signal
The psar bull signal on the dollar-yen currency pair (USD/JPY) sets up a continued rise of the dollar through a very congested price zone. "Congested" on this chart means lots of resistance levels.
It's on charts like these that the trader learns to love leverage.
It's on charts like these that the trader learns to love leverage.
3/10 Morningline
Blue chip stocks (SPY) continue to tease the high set Jan. 14.
The magic number is $115.14. If SPY moves through that level (and stays above it), then the bull market that began a year ago continues. If the price pulls back and never exceeds that level, then the 72% rise will count as just a bear market correction.
The next significant resistance above $115.14 is around $130, so the easy money in the event of a bull move is 13%.
Treasury long-term bonds are trading at the bottom of yesterday's range with a new psar bear signal. The pps flashed bear on Friday, and the macd on Monday.
The magic number is $115.14. If SPY moves through that level (and stays above it), then the bull market that began a year ago continues. If the price pulls back and never exceeds that level, then the 72% rise will count as just a bear market correction.
Abbreviations:
pps - Person's Proprietary Signal, ma20 - 20-day moving average, macd - Moving Average Convergence-Divergence, mfi - Money Flow Index, sto - Fast Stochastic
pps - Person's Proprietary Signal, ma20 - 20-day moving average, macd - Moving Average Convergence-Divergence, mfi - Money Flow Index, sto - Fast Stochastic
The next significant resistance above $115.14 is around $130, so the easy money in the event of a bull move is 13%.
Treasury long-term bonds are trading at the bottom of yesterday's range with a new psar bear signal. The pps flashed bear on Friday, and the macd on Monday.
Tuesday, March 9, 2010
3/10 Almanac
Wednesday, March 10, is 9 days before March options expire, 37 the April and 72 the May.
Blue chip stocks (SPY) closed the latest regular session at $114.46, up 0.02% from the prior close.
In total, 3.3 billion shares were traded on the three major U.S. stock exchanges, up 6.5 from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
Blue chip stocks (SPY) closed the latest regular session at $114.46, up 0.02% from the prior close.
In total, 3.3 billion shares were traded on the three major U.S. stock exchanges, up 6.5 from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
INTC psar bull signal
Intel (INTC) showed a psar bull signal sometime after I did my scan. This reverses Friday's bear signal.
I've noted elsewhere that the psar can be a bit whippy sometimes (that's "whippy" as in "whipsaw" or "whiplash").
Having said that, here's what really happened today: INTC pushed up to $21.20, past the first level of resistance at $21.09, and then dropped back to $20.86, below the resistance level.
A miniscule chart (a candlestick every 133 ticks) shows a rise beginning around 10:30 a.m. Eastern, pausing at the $21.09/$21.10 level from 12:30 p.m. to around 2:15 p.m., pushing up to the peak at about 2:35, and then falling steadily to the present levels.
So, is it a breakout or not? Beats me. I had said in my Friday post that I would be reluctant to trade this stock directionally, and that's still the case.
Here's the original posting, with the "You are here" table.
I've noted elsewhere that the psar can be a bit whippy sometimes (that's "whippy" as in "whipsaw" or "whiplash").
Having said that, here's what really happened today: INTC pushed up to $21.20, past the first level of resistance at $21.09, and then dropped back to $20.86, below the resistance level.
So, is it a breakout or not? Beats me. I had said in my Friday post that I would be reluctant to trade this stock directionally, and that's still the case.
Here's the original posting, with the "You are here" table.
3/9 Watchlist
Blue chip stocks (SPY) pushed up to within 15 cents of the Jan. 14 high, close enough that if you squint your eyes, it counts as a 100 percent retracement of the decline from $115.14 down to $104.58 on Feb. 5.
A move above $115.14 creates a new high and confirms continuation of the uptrend that began in March 2009 at $67.10.
For SPY, all skies as sunny, all rainbows bright and all technical signals are bullish, at least the ones that I follow.
The long-term Treasury bonds (TLT), by contrast, continue to soak under a chilly drizzle of the sort found only in the Pacific Northwest in a March where the promise of spring-to-come remains unkept.
A move above $115.14 creates a new high and confirms continuation of the uptrend that began in March 2009 at $67.10.
For SPY, all skies as sunny, all rainbows bright and all technical signals are bullish, at least the ones that I follow.
The long-term Treasury bonds (TLT), by contrast, continue to soak under a chilly drizzle of the sort found only in the Pacific Northwest in a March where the promise of spring-to-come remains unkept.
NVDA shows psar bull signal
The company whose chips drive many of the world's video displays, Nvidia (NVDA), is showing a psar bull signal today, accompanied by a rise that has traversed 3% low to high so far.
Shares are trading at $17.57, and the stock has close-in resistance to overcome before make a credible move.
The macd has been in bull mode since March 2 and continues to rise above the zero line. The pps gave a bull signal on March 1. So the psar is a signaler-come-lately.
Shares are trading at $17.57, and the stock has close-in resistance to overcome before make a credible move.
The macd has been in bull mode since March 2 and continues to rise above the zero line. The pps gave a bull signal on March 1. So the psar is a signaler-come-lately.
IVZ psar bear signal
The global investment company Invesco (IVZ) shows a psar bear signal at the open today, and also a pps bear signal. The price today, so far, has shown a 5% decline high to low.
The macd is in bull territory but declining for a second day. Both the sto and the mfi dipped below their overbought lines, a bearish sign.
The macd is in bull territory but declining for a second day. Both the sto and the mfi dipped below their overbought lines, a bearish sign.
GLD psar bear signal
Gold (GLD) is showing a psar bear signal this morning after gapping down this morning, opening 0.7% below Monday's close. since then it has traded narrowly and stands about 25 cents above the open.
Since its recent peak of $119.54 on Dec. 8, 2009, GLD has executed a low, a lower high, a lower low and a second lower high before beginning its recent slide on Jan. 11.
Since its recent peak of $119.54 on Dec. 8, 2009, GLD has executed a low, a lower high, a lower low and a second lower high before beginning its recent slide on Jan. 11.
3/9 Morningline
Gold (GLD) is showing a psar bear signal this morning, a day after a pps bear signal. Today's signal came on a gap down that saw GLD open 0.7% below Monday's close.
The macd remains in bull territory although it is in its fourth day of decline toward the zero line. The sto on Monday moved below the overbought line, a bear signal.
Otherwise, my major indicators are opening barely changed and trading in a narrow range: Blue chip stocks(SPY) down, Treasury long-term bonds (TLT), oil (USO) down, everywhere a global yawn except for the dollar-yen (USD/JPY) currency pair, which saw the dollar decline 0.8% against the Japanese currency.
The macd remains in bull territory although it is in its fourth day of decline toward the zero line. The sto on Monday moved below the overbought line, a bear signal.
Abbreviations:
pps - Person's Proprietary Signal, ma20 - 20-day moving average, macd - Moving Average Convergence-Divergence, mfi - Money Flow Index, sto - Fast Stochastic
pps - Person's Proprietary Signal, ma20 - 20-day moving average, macd - Moving Average Convergence-Divergence, mfi - Money Flow Index, sto - Fast Stochastic
Otherwise, my major indicators are opening barely changed and trading in a narrow range: Blue chip stocks(SPY) down, Treasury long-term bonds (TLT), oil (USO) down, everywhere a global yawn except for the dollar-yen (USD/JPY) currency pair, which saw the dollar decline 0.8% against the Japanese currency.
Monday, March 8, 2010
3/9 Almanac
Tuesday, March 9, is 10 days before March options expire, 38 the April and 73 the May.
Blue chip stocks (SPY) closed the latest regular session at $114.27, down 0.03% from the prior close.
In total, 3.1 billion shares were traded on the three major U.S. stock exchanges, down 8.8 from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
Blue chip stocks (SPY) closed the latest regular session at $114.27, down 0.03% from the prior close.
In total, 3.1 billion shares were traded on the three major U.S. stock exchanges, down 8.8 from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
Closed CAL covered call
I've closed my March covered call on CAL. The chart today developed a pps bear signal, the macd, although still above zero, is heading down.
I sold with the stock at $20.19, up 1.2% from the opening price.
I bought back the call for $1.47, for a loss of 34%.
In total, the loss was 27 cents per share.
I sold with the stock at $20.19, up 1.2% from the opening price.
I bought back the call for $1.47, for a loss of 34%.
In total, the loss was 27 cents per share.
3/8 Watchlist
The markets are marking time today. There's little change in my indicators since this morning. I've added the telcom company AT&T to the Watchlist, as well as to my holdings, and kicked Texas Instruments off the island.
The watchlist.
The watchlist.
Opened T bull put spread
I've opened a bull position on T, with the stock priced at $25.30.
The structure is a March bull put spread, long the $25 strike and short the $26. It produced a premium of 60 cents credit. Interestingly, going a month further out, to the April options, only added 6 cents to the premium.
The maximum profit at expiry, 10 days hence, comes at $26 or above. That price is below near-term resistance.
See my earlier analysis, "T bull signals", for my reasoning for entering th is position.
The structure is a March bull put spread, long the $25 strike and short the $26. It produced a premium of 60 cents credit. Interestingly, going a month further out, to the April options, only added 6 cents to the premium.
The maximum profit at expiry, 10 days hence, comes at $26 or above. That price is below near-term resistance.
See my earlier analysis, "T bull signals", for my reasoning for entering th is position.
T bull signals
The telcom company T rose briskly today, covering 1.8% low to high. The chart shows simultaneous psar and pps bull signals. The macd has been in bull mode since Feb. 9 with no accompanying price rise.
The move puts T at the top level of resistance set in February. With some resistance along the way, the stock has a shot at the $28.73 high set on Jan. 5.
The move puts T at the top level of resistance set in February. With some resistance along the way, the stock has a shot at the $28.73 high set on Jan. 5.
DRYS psar bull signal and huge move
The ocean shipping company DRYS rose 9.6% and is showing a psar bull signal after five days when the psar went bearish.
The pps gave a bull signal on earnings day, Feb. 25, and the macd has been in bull mode since Feb. 17.
The pps gave a bull signal on earnings day, Feb. 25, and the macd has been in bull mode since Feb. 17.
AIG gap and signals
Government-owned AIG gapped up sharply this morning, opening 4.8% above Friday's close, on news that it was selling a unit to another company.
Normally I don't analyze big moves after news announcements. I note this move only because of the signals.
Normally I don't analyze big moves after news announcements. I note this move only because of the signals.
Closed CSCO
Fear won.
I've closed my March iron condor on CSCO with the stock at $25.69. The options cost me a 62 cent debit.
I had opened the position on Feb. 8 for a 42 cent credit with shares trading at $23.54.
So the share price at close was 8.4% below entry. The loss on the options was 32.3%.
Earlier this morning I filed a long post on what I was considering in making the decision whether to see or not. See "Thinking about CSCO".
I've closed my March iron condor on CSCO with the stock at $25.69. The options cost me a 62 cent debit.
I had opened the position on Feb. 8 for a 42 cent credit with shares trading at $23.54.
So the share price at close was 8.4% below entry. The loss on the options was 32.3%.
Earlier this morning I filed a long post on what I was considering in making the decision whether to see or not. See "Thinking about CSCO".
Thinking about CSCO
CSCO, one of my holdings, had a large price rise today, traversing 1.9% low to high so far.
This presents me with a decision. My position is an iron condor, with maximum profit at expiration between $23 and $25, and lesser profit, again at expiration, down to $22 and up to $26. The structure is p22/-p23/-c25/c26.
The jump up came on a positive analyst rating from JP Morgan, with a price target of $28.
This presents me with a decision. My position is an iron condor, with maximum profit at expiration between $23 and $25, and lesser profit, again at expiration, down to $22 and up to $26. The structure is p22/-p23/-c25/c26.
The jump up came on a positive analyst rating from JP Morgan, with a price target of $28.
3/8 Morningline
Stocks opened barely changed at the top of Friday's trading range, a day that showed a strong upward push in the blue chips.
SPY, the exchange-traded fund that tracks the S&P 500 index, has regraced most of the decline that, beginning Jan. 19, brought pricde down from $115.14 to $104.58 on Feb. 5.
Abbreviations: pps - Person's Proprietary Signal, ma20 - 20-day moving average, macd - Moving Average Convergence-Divergence, mfi - Money Flow Index, sto - Fast Stochastic
The subsequent rise has brought the price to within less than a $1 of the January peak. If the price pushes past $115.14, then SPY will record and higher high and remain in an uptrend -- of sorts -- in the rise that began at $67.10 in March 2009.
SPY, the exchange-traded fund that tracks the S&P 500 index, has regraced most of the decline that, beginning Jan. 19, brought pricde down from $115.14 to $104.58 on Feb. 5.
Abbreviations: pps - Person's Proprietary Signal, ma20 - 20-day moving average, macd - Moving Average Convergence-Divergence, mfi - Money Flow Index, sto - Fast Stochastic
The subsequent rise has brought the price to within less than a $1 of the January peak. If the price pushes past $115.14, then SPY will record and higher high and remain in an uptrend -- of sorts -- in the rise that began at $67.10 in March 2009.
Friday, March 5, 2010
3/8 Almanac
Monday, March 8, is 11 days before March options expire, 39 the April and 74 the May.
Blue chip stocks (SPY) closed the latest regular session at $114.25, up 1.4% from the prior close.
In total, 3.4 billion shares were traded on the three major U.S. stock exchanges, up 13.3% from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
Blue chip stocks (SPY) closed the latest regular session at $114.25, up 1.4% from the prior close.
In total, 3.4 billion shares were traded on the three major U.S. stock exchanges, up 13.3% from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
3/5 Watchlist
A very late posting because of connectivity problems earlier today.
Blue chip stocks (SPY) traversed 1.1% low to high today after gapping up at the open. Today's high was 1.4% above yesterday's.
The move propelled SPY to within 0.8% of the $115.14 high that ended a 10-month run-up beginning at $67.10 in March 2009.
Blue chip stocks (SPY) traversed 1.1% low to high today after gapping up at the open. Today's high was 1.4% above yesterday's.
The move propelled SPY to within 0.8% of the $115.14 high that ended a 10-month run-up beginning at $67.10 in March 2009.
3/5 Morningline
Blue chip stocks (SPY) gapped higher, opening 0.6% above Thursday's close.Treasury long-term bonds (TLT) were down
Today's market letter will be abbreviated due to equipment problems. Back next week, I hope with everything in working order.
Today's market letter will be abbreviated due to equipment problems. Back next week, I hope with everything in working order.
Thursday, March 4, 2010
3/5 Almanac
Friday, March 5, is 14 days before March options expire, 42 the April and 77 the May.
Blue chip stocks (SPY) closed the latest regular session at $112.64, up 0.3% from the prior close.
In total, 3 billion shares were traded on the three major U.S. stock exchanges, down 14.2% from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
Blue chip stocks (SPY) closed the latest regular session at $112.64, up 0.3% from the prior close.
In total, 3 billion shares were traded on the three major U.S. stock exchanges, down 14.2% from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
3/4 Watchlist
The indicators continue in the paths they entered at the open. Just another day in low-volatility paradise. (I, however, am a high volatility person. This little touch of Heaven, for my style of trading, reeks a bit like Hell.)
The watchlist.
The watchlist.
Other psar bear signals
There are other psar bear signals that I don't plan to analyze today, simply because they're either sidewinders or counter-trend. There's nothing among them that I would be tempted to play for my own account.
Here's the list, and my assessment of the trend.
Here's the list, and my assessment of the trend.
INTC psar bear signal
Intel (INTC), which manufactures the brains that power most of the computers in the world, is showing a psar bear signal, on a price decline today traversing 1.7% high to low.
INTC is in a sideways trend and has been since August 2009. The boundaries run from $21.50 down to around $19, which gives good room for directional plays as long as the trader realizes this is an oscillator, not a long-term trender.
INTC is in a sideways trend and has been since August 2009. The boundaries run from $21.50 down to around $19, which gives good room for directional plays as long as the trader realizes this is an oscillator, not a long-term trender.
KFT psar bull signal
The processed food company Kraft (KFT) is showing a psar bull signal.
The price is in an extreme sideways pattern, bound by $29.25 and $28.50 or so. This is not the stuff of which great directional trades are made.
The price is in an extreme sideways pattern, bound by $29.25 and $28.50 or so. This is not the stuff of which great directional trades are made.
EWY psar bull signal
The exchange-traded fund that tracks Korean stocks, EWY, is displaying a psar bull signal today on a decline from Wednesday's rather narrow trading range.
The pps gave a bull signal on Tuesday, and the macd has been in bull mode since Feb. 16. The sto is approaching overbought territory, and the mfi is cruising through the neutral zone.
All of which tells me this issue is most likely prone to whipsaws.
The pps gave a bull signal on Tuesday, and the macd has been in bull mode since Feb. 16. The sto is approaching overbought territory, and the mfi is cruising through the neutral zone.
All of which tells me this issue is most likely prone to whipsaws.
3/4 Morningline
The Victorian novelist Edward Bulwer-Lytton gained undying fame with opening line to his novel Paul Clifford: "It was a dark and stormy night."
Were the 1st baron of Lytton a market writer today, it would surely strain in powers of composition: "It was a gray and insipid morn"? "It was a bland and comatose dawn"?
Once again my main indicators are not on the move this morning, straining even my powers of far-fetched metaphory, of creating golden prose from factual dross.
But challenges must be met . . .
Blue-chip stocks (SPY) opened the day up near the top of a three-day trading range. The etf is trading at $112.60 or so. A break above $112.88 would move above both the range and the 78.6% Fibonacci retracement of the decline from Jan. 19 to Feb. 5. Support is at $111.58.
Were the 1st baron of Lytton a market writer today, it would surely strain in powers of composition: "It was a gray and insipid morn"? "It was a bland and comatose dawn"?
Once again my main indicators are not on the move this morning, straining even my powers of far-fetched metaphory, of creating golden prose from factual dross.
But challenges must be met . . .
Blue-chip stocks (SPY) opened the day up near the top of a three-day trading range. The etf is trading at $112.60 or so. A break above $112.88 would move above both the range and the 78.6% Fibonacci retracement of the decline from Jan. 19 to Feb. 5. Support is at $111.58.
Wednesday, March 3, 2010
3/4 Almanac
Thursday, March 4, is 15 days before March options expire, 43 the April and 78 the May.
Blue chip stocks (SPY) closed the latest regular session at $112.30, up 0.09% from the prior close.
In total, 3.5 billion shares were traded on the three major U.S. stock exchanges, unchanged from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
Blue chip stocks (SPY) closed the latest regular session at $112.30, up 0.09% from the prior close.
In total, 3.5 billion shares were traded on the three major U.S. stock exchanges, unchanged from the day before.
On the jump, mediawatch, rules, econ reports, portfolio and a good book...
3/3 Watchlist
Every time I look at the blue chips chart today, my brain just swings into a rendition of the itsy bitsy spider song. You know the one, "Itsy bitsy spider, climbed up the water spout".
Today's SPY candlestick looks like an itsy bitsy spider hanging by a silken thread from the 78.6% Fibonacci retracement line.
Of course, we all remember the next line of the song: "Down came the rain, and washed the spider out," no doubt at least to the 61.8% retracement level.
Who'd'a thought that Fibonacci retracements could be applied to spider analysis.
Today's SPY candlestick looks like an itsy bitsy spider hanging by a silken thread from the 78.6% Fibonacci retracement line.
Of course, we all remember the next line of the song: "Down came the rain, and washed the spider out," no doubt at least to the 61.8% retracement level.
Who'd'a thought that Fibonacci retracements could be applied to spider analysis.
HAL psar bull signal
The oil patch services company Halliburton, HAL, (well, actually, gas patch, too) is showing a psar bull signal, after four trading days of psar bear.
The signal comes at the top of very near-term resistance, and a break above would continue a higher high higher lower uptrend pattern.
The signal comes at the top of very near-term resistance, and a break above would continue a higher high higher lower uptrend pattern.
MGM psar bull signal
MGM, the giant gaming resort company, is showing a psar bull signal and a coincident pps bull signal on a sharp rise today so far traversing 1.9% low to high.
The stock is trading in an area of congestion stretching from $12.87 down to $10.08, so it's anything but blue skies beaming down on this chart.
The stock is trading in an area of congestion stretching from $12.87 down to $10.08, so it's anything but blue skies beaming down on this chart.
EWT psar bull signal
The Taiwan shares exchange-traded fund (EWT) is showing a psar bull signal, after four days of a bear signal, and 10 days of a bull signal before that.
I think it qualifies as a whipsaw. The signal is coming as the price trades narrowly at the top of resistance set on Feb. 18.
I think it qualifies as a whipsaw. The signal is coming as the price trades narrowly at the top of resistance set on Feb. 18.
3/3 Morningline
The market is opening as flat as an old bottle of Coke left open to the sun three days running.
With little effervescence and even less pizazz, blue chip stocks (SPY) were trading near the upper half of yesterday's narrow range. Looking only at opens and closes, however, SPY is continuing to climb the staircase that began on Feb. 25. It's just that the stairs are getting somewhat smaller.
Treasury long-term bonds (TLT) were trading very narrowly in the middle of yesterday's range in a downtrend that began Feb. 26. The pps showed a bear signal this morning, while the psar and macd remained in bull mode. The sto crossed down below the 80-line, considered to be a bear signal.
With little effervescence and even less pizazz, blue chip stocks (SPY) were trading near the upper half of yesterday's narrow range. Looking only at opens and closes, however, SPY is continuing to climb the staircase that began on Feb. 25. It's just that the stairs are getting somewhat smaller.
Treasury long-term bonds (TLT) were trading very narrowly in the middle of yesterday's range in a downtrend that began Feb. 26. The pps showed a bear signal this morning, while the psar and macd remained in bull mode. The sto crossed down below the 80-line, considered to be a bear signal.
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