October 12, 2011
Mish's Daily
By Mish Schneider
QQQ overbought and could not soar through September high 57.35. Definitely the top of the summer/fall range, but with QQQ and SPY both having an accumulation in volume, market searching for other clues as well. CELG failed the 2010 high with today's close after testing it and rallying beyond it early on. But, managed an inside day. Since it has been a leader, worth watching from here. XLK, the first one we bought on the reversal day October 4th, touched and then closed beneath the 200 DMA today. Same with FXI. All the indexes but QQQs are in a recovery phase. That is in an unconfirmed Accumulation Phase. Will look to see if holds or fails 56.25 the 200 DMA and how the volume looks as well. Slope on the 50 DMA which has been negative, turned positive in QQQ but still declining in SPY DIA and IWM.
ETFs:
GLD Good to watch if insomniac and need help falling asleep. 162.50 support. Measured move to 170 if holds.
IBB (Biotechnology) Bearish engulfing candle and negative pivots. Interesting stall. September high 99.54. Support 93.50
XLE (Energy) Still could not cross the 50 DMA at 64.63 on a closing basis. Under 63.30 caution.
OIH (Oil Service Holders) Under 115.00 vulnerable. The 50 DMA a bit away at 124.00.
TLT (The 20 year Treasuries) 7 and counting down days and oversold.
XRT (Retail) August high 50.50 which eked above in closing basis. 50.00 needs to hold.
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