And Nothing to Get Hung About $SPY $DIA $IWM $QQQ

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Super low volume digestion day in the indexes after the exciting conclusion to last week may seem like a letdown. The gaps left from Friday in the S&P 500, NASDAQ and the Dow all held up and for further confirmation of a runaway gap, need to continue to hold up. The Russell 2000 made a new high close which could mean that money is rotating back to small cap stocks. The long bonds continued their decline which hopefully means the reliance on Quantitative Easing to keep the market solvent is abating. Along with small caps, the Transportation and Financial ETFs made new 2013 highs. These are all pointing in the right direction for banking on a continued improving economy.

S&P 500 (SPY) 161.00 good point to hold with 164 target

Russell 2000 (IWM) 94.96 was the March 15^th high which cleared. 95.50 is the new point to clear

Dow (DIA) If there is one place now that could be more vulnerable it’s here since a lower low from Friday’s low was made and it closed basically unchanged.

NASDAQ 100 (QQQ) Would not be buying up here, but not seeing any reasons for concern if already long

ETFs:

GLD Inside day.

XLF (Financials) Approaching some longer term resistance

IBB (Biotechnology) Tired after the possible exhaustion gap Friday

SMH (Semiconductors) Got to a top of a channel going back over 10 years, which means a bit of a rest or pullback not out of the question

XRT (Retail) Inside day after making new highs

IYT (Transportation) 112.30 was the 2013 high until today.

IYR (Real Estate) Inside day proving it’s a bit fatigued but does not look done

USO (US Oil Fund) Confirmed the accumulation phase

OIH (Oil Services) 44.00 area a little resistance

XLE (Energy) Made new 2013 high intraday then closed just shy of the old 2013 high 80.14

TBT (Ultrashort Lehman 20+ Year Treasuries) Has a gap to fill to 62.20 so risk/reward not optimal at these levels now

XOP (Oil and Gas Exploration) 58.50 now good support

XHB (Homebuilders) Inside day at the highs

UUP (Dollar Bull) Watching that 200 weekly moving average like a hawk

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