November 30, 2011
Mish's Daily
By Mish Schneider
Wow! After a bank downgrade, central banks unite and away we go. Island bottoms, which were confirmed yesterday, now looking like a possible game changer (with a little help from our friends.)
SPY: Great to see volume and a phase change to recovery (unconfirmed) after the island bottom. Even though the RSI on the daily is getting close to overbought, lots of room on the weekly and monthly ones.
QQQ: Phase changes faster than my dog chows down her dinner. With a now what could be an island bottom in the making day, back over the 200 DMA at 56.30. AAPL snoozed with a narrow range day until the final few minutes. Accumulation Day in volume (first one in awhile). Got some hurdles in the leading stocks. Keeping a watchful eye.
IWM: Midcaps, so nice of you to close the month above the moving average.
ETFs:
GLD Still declining 50 DMA even with the gap higher. Watch to see if today's low holds.
SLV* (Silver) Unconfirmed phase change to recovery-back over 32.25 especially for the week and bottom could be in place for now
XRT (Retail) Gap above the 200 DMA. If it stays above 51.00 positive.
SMH (Semiconductors) 30.75 the weekly moving average to clear, then the 200 DMA. Today's low has to hold.
XLF (Financials) Was the first sector I watched for the island bottom and once cleared the 50 DMA it was off. Now want to see 12.35 hold.
XLE (Energy) Like to see 69.20 hold and also would like to see some sideways action before it blasts through the 200 DMA.
IBB (Biotechnology) 99.50 now support.
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:
