June 4, 2012
Mish's Daily
By Mish Schneider
The Emini S&P continuous contract @ES, closed above the 200 DMA. S&P 500 (SPY), DOW (DIA) and Russell 2000 (IWM) did not. NASDAQ 100 (QQQ) held the 200 DMA and continues to look like our best bet to watch for next direction-lead or drag.
S&P 500 (SPY) Confirmed the Distribution phase. 128.70 the 200 DMA.
Russell 2000 (IWM) A move back over 74.40 would give a better reason to believe another test of the 200 DMA is imminent.
Dow (DIA) Unless clears today's high, in which case we look at the 200 DMA, pressure continues
NASDAQ 100 (QQQ) Encouraging that this held the 200 DMA. Also had an accumulation day in volume although overall volume is lighter than average.
ETFs:
GLD Over 158, assume rally continues, and unless it breaks under 155, assume dips are buy opportunities.
XLF (Financials) Sobering here, especially as JP Morgan continues the descent. Broke 2012 (13.38) low by a little.
IBB (Biotechnology) Some sign of relief. Could be just worked off the oversold condition. We shall see.
SMH (Semiconductors) Over 30.22 would be nice to see but right now, struggling and oversold
XRT (Retail) Watch 57.00 for resistance a good place to think more bounce
IYT (Transportation) This sector dropped like a stone last summer. Now, confirmed distribution phase and not looking too healthy
IYR (Real Estate) 58.00 next support
USO (US Oil Fund) 30.93 2010 low. 29.10 the 2011 low. Inside day
Every day you'll be prepared to trade with:
