December 11, 2011
Mish's Daily
By Mish Schneider
"Sarkozy smiling as he leaves the EU meeting." Twitter entry last Friday. He must have known that NASDQ would end the week with a Golden Cross and its 4th Accumulation Day in volume. Now, everything is lined up-the moving averages, phase, near term RSI (Relative Strength Index), volume patterns. If this market can't bust a move by Monday or Tuesday, I for one, will wane in enthusiasm. Incidentally, AAPL had the narrowest range in 128 days.
SPY: 126.50 the 200 DMA. Need I tell you by now, that it must clear with volume, for a couple of days and with decided direction?
QQQ: Subs: PFTPs 56.82 S1 56.44
IWM: First hurdle the weekly moving average, then the 200 DMA. Posted an Accumulation day in volume.
ETFs: Some bright sectors/groups and others that had an inside day and need to break the range one way of another. Last thing market needs is more divergence.
GLD Held the 50 DMA with an inside day.
XRT (Retail) Chart looks great. Watch to see if it clears last week's high.
SMH (Semiconductors) Even with the weaker open, 29.50 was respected and it rallied with the rest of the market. Has to clear the 200 DMA as well.
XLF (Financials) Inside day and held the 50 DMA. Would follow the way the range breaks.
XLE (Energy) Inside day. This too must clear the range from Friday; then we can talk about the 200 DMA.
OIH* (Oil Service Providers) had the biggest percentage gain with an inside day. Another important sector/group to follow whichever way the range breaks.
IBB (Biotechnology) Held the 200 DMA to close just ok compared to retail. Has to distance itself from the 200 DMA.
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