March 11, 2013
Mish's Daily
By Mish Schneider
Be it for me of all people (having had more faith in this bull run than most) to give you a giant head's up; but, the small caps-which led the charge right out of the gate January 2nd, closed red with an inside day. Could mean absolutely nothing more than small caps take a holiday. It could also mean an early warning sign if they continue to break Tuesday. Otherwise, if you are in the right group (been a major key to money management for quite some time now-group/sector rotation) today was a wonderful extension of the bull market 2013!
S&P 500 (SPY) 2007 peak high 157.52 with 153.35-65 the major underlying support and very high RSIs
Russell 2000 (IWM) Inside day.
Dow (DIA) Not sure it can go up much more from here without a correction. Then again, something overbought can get more overbought
NASDAQ 100 (QQQ) AAPL jumped helping this index. Now, last week's high good point to clear if for real
GLD Inside day
XLF (Financials) Weekly chart shows more upside is very possible. The daily chart shows that this is a strong uptrend but a bit overbought.
SMH (Semiconductors): Now it's all about 36.00
XRT (Retail) Almost an inside day after its nice pop last week. Still looks good
IYT (Transportation) Through 110, who can argue?
IYR (Real Estate) Had an inside day stalling the correction from last week. Eyes here for either more weakness or resumption and catch up move higher
USO (US Oil Fund) Looking like a near-term bottom has formed.
OIH (Oil Services) Closed red but above the fast moving average-now the place to hold
XLE (Energy) Has to clear the top in place form early February.
TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day and well-deserved after last week's action
XHB (Homebuilders) After a 2 day correction, ends last week with a doji day and begins this week with an inside day.
UUP (Dollar Bull) Falling back from 200 weekly moving average.
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