November 10, 2011
Mish's Daily
By Mish Schneider
Interestingly enough, there is US economic data to make a case for the market to hold (jobless claims fall, earnings for 3rd quarter ok). But with European worries and other economic data that suggest otherwise, a case for weakness exists as well. And so it goes-up and down, up and down. My long recommendations to my subscribers over the last 2 weeks have been hit (1-2 days) and run. The short picks, especially if patient, have yielded way more.
The last 3 Fridays were choppy, inside days on low volume. (Wait-today was an inside day in SPY DIA only.) With Veteran’s Day tomorrow, expect pretty much the same type of day. Happy Veteran’s Day and a big thank you to all who have served their country!
SPY: Below 124.50, under the 65 weekly and over the 80 monthly moving average. Slope on 50 DMA is positive, phase unchanged. Stuck in the middle with you.
IWM: The 50 DMA 69.75. Back over 73.25 encouraging.
QQQ: A weekly close under 55.65 would take out its muscle. But for now, the 200 DMA at 56.40 especially on a weekly close is the nearest area to watch.
ETFs:
GLD Slope on 50 DMA still declining, but price tested it today.
SLV (Silver) Until it closes above 34.45, bear phase intact.
XRT (Retail) Inside and DOJI day. Not surprising to see indecision.
XLK (Technology) 25.50 the 200 DMA. Watch the weekly close.
XLF (Financials) Inside day. 12.64 the 50 DMA 13.10 an area to clear
FXI (China) Inside day
For more detailed analysis join me, along with hundreds of other subscribers, at Mish's Market Minute and get my daily trade picks, trade alerts, training videos, and exclusive analysis tools. Sign up for Mish's Market Minute now and get a free 2 week trial!
Every day you'll be prepared to trade with:
