March 21, 2012
Mish's Daily
By Mish Schneider
Best way to describe today is lackluster in the market's attempt to correct. Retail sector perked up. Commodities drifted lower. This is the scenario we have been watching for all year. And for active investors who have been trading the ebbs and flows of that trend, been highly profitable. AAPL -heard they launched a rocket to their own planet. Calling it AAPLanet.
NASDAQ (QQQ) Held previous day's lows closed on new highs. For all of you looking for the top-one day, like a broken clock, you will be correct
S&P 500 (SPY) Tried to break 140 and wound up closing above that level. 142-144 target reasonable.
The Dow (DIA) Got some good healthy correction.
Russell 2000 (IWM) Failed to hold 83.00 which means another correction day is possible and not so bad
ETFs:
GLD Ended with a DOJI. Still has to break 158 as it remains in a weak distributions phase.
XLF (Financials) I know many of you are not long in spite of the trend reversal and now waiting for the correction that keeps eluding.
IBB (Biotechnology) At least this sector is correcting, but held the fast moving average today which could mean one day correction only
SMH (Semiconductors) Not going to make it easy, eh semiconductors? That's ok; only means this is giving another chance for a long entry before it continues to new multi-year highs
IYT (Transportation) Also correcting. Now like to see some sideways action before a new rally
IYR (Real Estate) Inside day. Pause not correction
XRT (Retail) Tweeted about this one today when it was clear 61.00 was going to hold. Recent highs 61.73 next hurdle.
USO (United States Oil Fund) Got a weak open instead after it could not clear 41.36 resistance. Still no real edge short or long here
XLE (Energy) Gap lower and reason to believe lower commodity prices are still the longer term trend for 2012 if all stays peaceful.
TBT (Ultrashort Lehman 20+ Year Treasuries) All that rally and today a doji and inside day. The recent run may not be over just yet
Every day you'll be prepared to trade with: