February 26, 2012
Mish's Daily
By Mish Schneider
The overall expectation last Friday was for a quiet day. We got it. The DJIA tested and closed just beneath 13,000, which seems more psychologically than technically significant. S&P 500 (SPY) ended with a DOJI candle (opening and closing price the same). NASDAQ (QQQ) closed right near the high of 2 weeks ago. Oil continues its drive up. The rest of the sectors ended the week mixed. It certainly appears the market wants much higher, but concerns about the Middle East and Greece are keeping a lid on it.
S&P 500 (SPY) Spent a moment over the May 2011 high at 137.18.
NASDAQ (QQQ) No more scary candles, yet hesitancy remains considering the lack of interest even up at these levels. A while back I wrote 64.00 was a target. It's here. Now I can't help wondering if we go parabolic or rot on the vine.
Russells 2000 (IWM) Could not test nor breach 83.33, its recent high. I loved 81.00, but heading into this week, that number is passé. Now, I would like to see 82.15 level hold.
ETFs:
GLD Took a rest and unless it breaks under 171.22, still looks good.
XLF (Financials) Not ready to get through the 200 weekly moving average and reverse the trend once and for all. 14.40 is a good area to hold. The longer it does hang out here, the better the move will be if it clears.
IBB (Biotechnology) Tested yet closed the week just under the 10 DMA-a gap over on Monday, real nice. Otherwise, a hold of 118.00 important.
SMH (Semiconductors) Time for the semiconductors to join the party. 34.10 holding, but now we need to see clearance above 34.65.
IYT (Transportation) Tried but could not stay above the 50 DMA. Under 90.85 will be worrisome and over 93.05, reason to cheer.
IYR (Real Estate) Interesting DOJI candle to end the week and right on the 10 DMA to boot. Still very interested in this sector as one to weigh the overall health of the market with.
IJR (Small Cap 600 Index) Could be forming a new base to blast off from with all time high 76.69. The 10 DMA 75.55 and good number to watch for support.
MOO (Market Vectors-Agribusiness) Like to see 52.70 hold.
Every day you'll be prepared to trade with:
