August 13, 2012
Mish's Daily
By Mish Schneider
5 days of consolidation and counting. Low volume-seems like August Heat is more like August Simmer.
S&P 500 (SPY) Inside day. Over 140.92 it's 2012 highs or bust. Remain cautious under 140.
Russell 2000 (IWM) Landed on the fast moving average. Had a slight distribution in volume. 80.00 still pivotal and over 80.60 next stop 81.84 or higher
Dow (DIA) 131.90 should clear with some oomph once and for all. Otherwise, 130.74 is the fast moving average support to watch
NASDAQ 100 (QQQ) Took a leadership role on light volume. Still overbought. 65.95 good support to watch
ETFs:
GLD Pooped out and broke 156.20 support. Monthly chart shows last 3 months have been inside the range from the month preceding, starting in May. Talk about compression.
XLF (Financials) Like to see this clear 15.06. Support now 14.81
IYT (Transportation) 91.17 still key to cross
IYR (Real Estate) Under 64.00 and a lot of enthusiasm in this group will fade. Back over 66.21, party on! DOJI day today
USO (US Oil Fund) 35.35 has to clear for another leg up.
OIH (Oil Services) Consolidating like so many others
XLE (Energy) 72.46 last 2-Days high
TBT (Ultrashort Lehman 20+ Year Treasuries) Holding its gap higher from 08/07.
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