February 14, 2014
Mish's Daily
By Mish Schneider
Quote: Anne Bronte
The big news: Russell 2000 or small caps crossed and held the 50 DMA, going into an unconfirmed phase change to bullish. S&P 500 after a tricky beginning, held. NASDAQ made a new 2014 high. The only hold out-the Dow, close but still stubbornly in the warning phase.
Examining the sectors and groups-Semiconductors and Solars rocked, Silver gained, and Biotechnology continued to kill it with yet another new high.
The rest of the groups traded in line with the indices for the most part. Although I suspect that Friday, ahead of a 3 day weekend could see some digestion and chop all around, it is after all Valentine’s Day.
Will Cupid bring us more love or will Al Capone’s boys rise from the ashes to give us a massacre? Factoid-That incident occurred in 1929. Alert Tom Demark.
S&P 500 (SPY) Slight accumulation day in volume and a pretty bullish candle.
Russell 2000 (IWM) Unconfirmed bullish phase if holds 113.10
Dow (DIA) 160.70 the 50 DMA-gap above maybe?
Nasdaq (QQQ) New highs although approaching overbought
XLF (Financials) Held the bullish phase-that brings comfort if starts to pull away from it Friday
SMH (Semiconductors) Wow
IYT (Transportation) Unconfirmed bullish phase and one I gave my readers to focus on for Thursday’s session
IBB (Biotechnology) New highs, again
XRT (Retail) The winner for the focus Friday-a gap over the 200 DMA-excellent, If not, probably good to take profits ahead of a long weekend
IYR (Real Estate) Getting overbought up here
XHB (Homebuilders) If holds the 50 DMA has lots of room
GLD Overbought
USO (US Oil Fund) Holding in a good spot
OIH (Oil Services) Unconfirmed bullish phase
XOP (Oil and Gas Exploration) Confirmed bullish phase
TBT (Ultrashort Lehman 20+ Year Treasuries) Gave back some of the move however, not out of the running just yet
TAN (Guggenheim Solar Energy) Solars did great
FCG (First Trust ISE Reserve NatGas) Big move with the nasty weather
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