July 25, 2013
Mish's Daily
By Mish Schneider
If you are an active trader and managed to stay awake during today’s session, you got to see retail, oil and gas, biotechnology and gold make a comeback. You saw homebuilders continue to drop, the dollar get crushed while semiconductors crossed back to an unconfirmed bullish phase. You saw Facebook run, Google fall. I bet you asked yourself many times during the session-is the market going to correct more, rally, correct more, rally? And maybe, if you multitask, got to do some chores long overdue. What we can look for tomorrow:
S&P 500 (SPY)Calling 169 pivotal, over 169.40 healthy and under Thursday’s low trouble.
Russell 2000 (IWM) Has to clear recent highs still, but the small caps held the fast moving average and closed over the 104 pivotal area
Dow (DIA)155.74 has to clear now, as 155.14 the May 22nd high marginally held.
NASDAQ 100 (QQQ) 75.00 turning out to be a big area to cross with 74.20 the low to hold.
ETFs:
XLF (Financials)Wrote Wednesday night-Confirmed the reversal pattern from the highs which does not always necessarily mean the it will go straight down. However, until it clears the highs remain defensive. Still looks that way
SMH (Semiconductors) Unconfirmed bullish phase. Really want to see a second day for confirmation
XRT (Retail) Came back into the 9-day channel and closed well, plus had an inside day!
IYT (Transportation) Tested and held the 50 DMA
IBB (Biotechnology) 196.97 has to clear but best action besides retail
IYR (Real Estate)Landed on and held the 200 DMA again today putting in an inside day.
GLDBack to an unconfirmed recovery phase
XOP (Oil and Gas Exploration) Inside day.
TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day
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