July 9, 2013
Mish's Daily
By Mish Schneider
Repeat after me: “I will never again doubt that the small caps (Russell 2000) are the ultimate foreshadowers.” When on June 27th they were first to return to a bull phase, to July 8th when they made a first attempt to make new 2013 highs, to today, when they really did make new all-time highs, the message was clear. The other indexes are lagging for sure; but unless the small caps reverse from here, see no reason for concern whether you are a fan of buying an overbought market or not.
S&P 500 (SPY)166 next hurdle. Support to hold 163.00
Russell 2000 (IWM) Only concern now is a potential reversal candle-or new highs, close on the lows with some better than average volume on that. Otherwise, welcome to uncharted territory!
Dow (DIA) )Over 153.36 strong. 150.75 key support
NASDAQ 100 (QQQ) 72.50 key support and like to see 73.72 clear for more strength
ETFs:
XLF (Financials)20.35 the 2013 high
SMH (Semiconductors) Inside day right under the 50 DMA.
XRT (Retail) New all-time high again
IYT (Transportation) This opened over 112.50 and took off! Watch for a dip near 113.75-114
IBB (Biotechnology) Could not clear the resistance at 183.60. Friday’s low support to hold now
IYR (Real Estate)67.40 the 200 DMA to clear now after a good comeback today.
XHB (Homebuilders) Good turnaround with the 50 DMA overhead
GLD120 now key support
USO (US Oil Fund)Never doubt a confirmed phase change-now, a bit late to the party
OIH (Oil Services)Guess this is looking at 2013 highs
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