January 15, 2013
Mish's Daily
By Mish Schneider
This is what a bullish market is made of-gap lower, rally throughout the day, close higher. And, although volume was light (and has been) pricewise, the S&P 500 and the Russell 2000s now look potentially explosive! What would change that? Perhaps a move under 87.00 in IWM and 146.20 in SPY. Best part? All of this without AAPL.
S&P 500 (SPY) Next resistance goes back to September at 148.11. Support to hold 146.00 area
Russell 2000 (IWM) On all-time highs!
Dow (DIA) Once gaps like the one this had had from October, get filled, it is usually a sign for a move in the direction of the gap.
NASDAQ 100 (QQQ) Doji day and although AAPL is wreaking havoc, this is holding up okay.
ETFs:
GLD Still want to be negative here, but will not fight the up move until it is done
XLF (Financials) Held the fast moving average with 17.20 next and 20 the ultimate target.
IBB (Biotechnology) Held the fast moving average
SMH (Semiconductors) 34.00, a nagging point of resistance for a year, is the "somewhere over the rainbow" to clear.
XRT (Retail) Took out 63.40 and never looked back.
IYT (Transportation) Been waiting for 101 and today's high 100.68!
IYR (Real Estate) Back to the top of an ascending channel
USO (US Oil Fund) Inside day under the 200 DMA.
OIH (Oil Services) inside day
XLE (Energy) Made new 2013 highs.
DVY (Select Dividend Index) 58.90 recent highs.
XOP (Oil and Gas Exploration) Best close since October 18th.
XHB (Homebuilders) Sideways consolidation
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