April 7, 2014
Mish's Daily
By Mish Schneider
Mary Lou Lord
Lots of phase changes all around as my screen lit up today with yellow-warning, orange-distribution, red-bearish. The big news centers once again around the Dow and S&P 500, both of which defended the 50 daily moving averages keeping them for the time being, in their bullish phases.
The worst damage re: ETFs: Solar, Transportation, Retail, Home Builders, Oil and Gas Exploration. Best performers: Real Estate, US Oil Fund, Country Funds, Gold Miners.
NASDAQ and the Russell 2000s now fairly oversold. All in all, expect that although overall damage done, an unchanged or even slightly lower open tomorrow will bring in some buyers.
However, I will wait a bit longer before I remind my readers of signs of a bottom.
S&P 500 (SPY) The 50 DMA is at 184.02.
Russell 2000 (IWM) Confirmed warning phase Oversold territory-could it go down to the 200 DMA-yes-but now, more waiting for the end of the selling. That doesn’t mean getting bullish
Dow (DIA) 161.20 the 50 DMA to watch here
Nasdaq (QQQ) Similar to IWM-oversold near the 200 DMA
XLF (Financials) 21.76 the 50 DMA
SMH (Semiconductors) 43.50 the 50 DMA here
IYT (Transportation) Held the 50 DMA-overall, anything holding the 50 DMA means we are in correction but not necessarily the apocalypse some are calling for
IBB (Biotechnology) Closed green-what I expect can happen elsewhere Tuesday
XRT (Retail) Nasty move back down to the 200 DMA
IYR (Real Estate) 68.85 decent resistance-and now, 67.60 good support
XHB (Homebuilders) 31.07 the 200 DMA
GLD 125.50 tested-that’s the place to clear
USO (US Oil Fund) Held the 3 moving averages and looks really interesting
OIH (Oil Services) Nasty topping candle
XLE (Energy) We sold the tail today and now see no reason that was a bad thing
XOP (Oil and Gas Exploration) Classic topping candles in this too
TBT (Ultrashort Lehman 20+ Year Treasuries) 67.00 support to watch
UUP (Dollar Bull) Did not hold 21.50
EEM (Emerging Markets) Inside day
KRE (Regional Banks) Held some support at 40.37 and if good, 41.40 now place to clear
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