March 1, 2012
Mish's Daily
By Mish Schneider
3 things are clear. 1. The market is not dead yet. 2. The Rotation and Roll Game is alive and well with the Transportation Sector (IYT) the new “it” ETF 3. The Japanese Bearish Candlestick pattern in the S&P 500 (SPY) in place from Wednesday, has been followed with an inside day, a sign of hesitation.
S&P 500 (SPY) With the inside day, need to which way the range breaks.
NASDAQ (QQQ) It’s the apple (AAPL) juice that keeps on giving, even with the overbought weekly chart.
Russells 2000 (IWM) Love inside day hammer candles. Love 81.00 and that solid foundation. Will love this if it can clear today’s high. And only then.
ETFs:
XLF (Financials) One more day!! Can you feel it? Can you feel that reversal of the 5 year trend? Magic number-close over 14.92.
IBB (Biotechnology) Through today’s high looks good still, at least to recent highs.
SMH (Semiconductors) This better get going over today’s high since rarely can the market sustain rallies without semis on board.
IYT (Transportation) Got room to 97.00 provided 93.00 holds up.
IYR (Real Estate) Inside day and over today’s high nice clearance of the fast moving average. Would follow.
MOO (Market Vectors-Agribusiness) Bearish candle followed by inside day-also could be ominous.
XLE (Energy) as well
TBT (Ultrashort Lehman 20+ Year Treasuries) I still am looking at the bottoming formation potential.
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