May 23, 2012
Mish's Daily
By Mish Schneider
You know what kept us from going short? AAPL! Yup. That had an inside day and seeing as that and the Retail ETF (XRT) never broke those key previous day lows, we figured we rather miss the selloff and wait to see if those instruments were right on. And they were. But not putting on the bull hat just yet. NASDAQ did not have an accumulation day in volume. But S&P 500 (SPY) had its second one in a row.
S&P 500 (SPY) Over 133.25 don't fight it.
NASDAQ 100 (QQQ) 63.05 and over good. But like all the indexes, still in a strong warning phase
ETFs:
GLD Hammer and hold of last week's lows. Been good for miniswing trades on long and short side last week. Now, time will tell
XLF (Financials) If you doubt the power of the 200 DMA, check out my article on my website. Would like to see 14.40 clear
IBB (Biotechnology) Confirmed bullish phase. Has to clear the fast moving average
XRT (Retail) 59.25 next hurdle although today's bullish engulfing pattern helps the case.
IYT (Transportation) 91.00 is where it broke down from. Now, has to clear it again. Wednesday high 90.89
IYR (Real Estate) Held a key monthly moving average. Overhead resistance, particularly at 63.00. But unless it breaks under recent lows, another good sector to watch.
TBT (Ultrashort Lehman 20+ Year Treasuries) Hangman candle in TLT followed by a hammer Wednesday. Furthermore, could not take out the all-time high.
Every day you'll be prepared to trade with:
