January 23, 2012
Mish's Daily
By Mish Schneider
Tomorrow the boys are back in town. The FED boys that is. Volatility has come in at an important inflection point in NASDAQ (QQQ). Today, the Russells (IWM) made a new 60-day high and closed in the red. Iran is back in the news and the Greeks continue talks. What a great time to be a stock trader!
S &P 500 (SPY) 3 higher closing prices in a row and many who think the engine is sputtering. Maybe-but why predict? The market will tell you.
Russells 2000 (IWM) Could not get to 81.00, the high price of the first week of August-the one that SPY and QQQ cleared what seems like forever ago. It did, as I mentioned, make a new 60 day high and closed slightly down on the day. This will be significant only if it gets more follow through to the downside from here.
NASDQ (QQQ) DOJI candle after another new high intraday. This is what I mean by an inflection point-doesn't get any more dramatic or fun than this.
ETFs:
GLD Cleared 163.19 intraday, December 13th high, and closed just beneath. At this point, still a gap left from 12/08 that with very little volume could be a reachable or elusive target. Time will tell.
XRT (Retail) still catching its breath at an impressive price point.
XLF (Financials) Other than approaching overbought, the penetration of the October high today and the new and improved accumulation phase are 2 inarguable facts.
IYR (Real Estate) Got real close to the resistance at 60.00. In overbought territory which makes the resistance area still noteworthy.
IBB (Biotechnology) The first sector to tell us that the market was strong. Now the first sector to waffle after making new highs. Correction or failure?
SMH (Semiconductors) -Target reached on weekly Bollinger band and with a DOJI day.
IYT (Transportation) Gap did not hold after last Friday's inside day. Worth watching for more exhaustion.
XLE (Energy) Matched and exceeded 71.98 the January 10th high and closed just shy of that number.
TBT (Ultrashort 20+ Year Treasury Bonds) Took profit today with 4 ATRs (4 times the average true range) and will sit this out now until the FED is done.
For more detailed analysis join me, along with hundreds of other subscribers, at Mish's Market Minute and get my daily trade picks, trade alerts, training videos, and exclusive analysis tools. Sign up for Mish's Market Minute now and get a free 2 week trial!
Every day you'll be prepared to trade with:
