November 26, 2013
Mish's Daily
By Mish Schneider
NASDAQ breaks 4000! The Russell 2000s reached 113.00-the resistance we expected. The Dow and S&P 500 make new highs and retreat from them by the close. The Real Estate Sector ETF weakens again. WHAT? That’s not bullish! Yet Simon Property Group, the largest holding in that sector, rose by 1.00%. Homebuilders ran up 2.2% in its current Bull Phase. As we head closer to the holiday, the market divergence becomes more prevalent. Perhaps we should not expect any clarity until next week. Perhaps, we should just head to our relatives’ houses early and let the foreign markets take over. That’s what I’m doing. The next daily will be available over the weekend ahead of Monday’s open. In the meantime-safe travels everyone! Happy Thanksgiving!
S&P 500 (SPY) Digestion and that’s without consuming mass quantities of turkey.
Russell 2000 (IWM) “113 now likely”-yes! 111 area support near term
Dow (DIA) The rising fast moving average here is 159.50
Nasdaq (QQQ) AAPL got going as per the seasonal percentage of that happening.
XLF (Financials) Inside day on the highs
SMH (Semiconductors) If today’s low holds, looks like we could see a resumption of the move higher
XRT (Retail) 88.40 recent 2013 highs
IYT (Transportation) 128.75 support and 129.63 the 2013 highs
IBB (Biotechnology) Inside day and 10.00 into the projected 25-30 range move off of 213.00
IYR (Real Estate) 62.99 is the 60 day low.
XHB (Homebuilders) 32.50 some channel resistance
GLD Inside day.
USO (US Oil Fund) Opened weaker and if breaks 33.45, could see lower prices. Over 34.00 way better
OIH (Oil Services) Confirmed warning phase
XOP (Oil and Gas Exploration) Came back over the 50 DMA
TBT (Ultrashort Lehman 20+ Year Treasuries) The 50 DMA overhead in TLT
FXI (China) Inside day
FCG (First Trust ISE Reserve NatGas) 20.00 pivotal
Every day you'll be prepared to trade with:
