June 27, 2014
Mish's Daily
By Mish Schneider
Where were the rodeo cowboys today? Twitter, Youku Tudou (in our portfolio), First Solar, Wynn Resorts to name the top few.
But what about the rest of the market? Our go to’s? The Russell 2000s closed right on the pivotal 117.50 area. NASDAQ well above the 92.80 pivotal area and very close to the highs.
S&P 500 cleared 195 and the Dow squeaked over 168. Add that all up and we have a solid market very close to the highs. Anything can change given tenuous geopolitical situations. But short of that, assume as we end this week and go to a shortened holiday week, the volume will dry up further and the price will drift around without any significant game changing.
One final note as I head on vacation: Favorite sectors looking forward: Solar, Regional Banks and China. If you care to know where, how and when to enter these groups, plus why July 1st’s new 6 month calendar range could be the key to a great next 6 months (we are up nearly 10% so far), tune in and sign up for our premium service!
S&P 500 (SPY) Back over 195.
Russell 2000 (IWM) 117.50 pivotal with over 118 better
Dow (DIA) 168 pivotal and like better over 168.50
Nasdaq (QQQ) How can you argue with this unless it breaks 92.00
XLF (Financials) Trying, we will give it that
KRE (Regional Banks) Really like this short and long term
SMH (Semiconductors) Holding that runaway gap which is great
IYT (Transportation) Good
IBB (Biotechnology) Over 257.60 very nice
XRT (Retail) Actually, since this never cleared the 2014 highs, could just need to do more work between 84.00 and 87.00
IYR (Real Estate) Range is getting narrower on this correction which probably signifies correction coming to an end
ITB (US Home Construction) Establishing a base over the major moving averages
GLD In a holding pattern
Metals and Mining (XME) Wrote about this in early June when it changed phases, now looks like it want to continue basing
USO (US Oil Fund) Since the runaway gap, been consolidating.
OIH (Oil Services) New high close
FCG (First Trust ISE Reserve NatGas) Looks a bit heavy actually
TAN (Guggenheim Solar Energy) Love this longer term
TBT (Ultrashort Lehman 20+ Year Treasuries) TLT Filled a gap on the daily chart-now if it starts to roll over, would be interested in looking at a short
FXI (China Large Cap Fund) Gapped higher off the 200 DMA
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