February 14, 2013
Mish's Daily
By Mish Schneider
Yet another quiet session punctuated with some very robust moves in the oil services and energy sectors. S&P 500 continues its drift down, grind up action. Russell 2000 continues its grind to new highs. The Dow continues its sideways bounce and NASDAQ, continues trading within the high end of the January range. As the week draws to an end and a long weekend ensues, figuring a lackluster session as well, although always prepared for anything and everything.
S&P 500 (SPY) Held the support
Russell 2000 (IWM) This index is hard to buy up here, but sure a healthy sign regardless
Dow (DIA) Ping pong match with the fast moving average the table it's bouncing off of.
NASDAQ 100 (QQQ) Bullish phase. Lots of room. 67.63 was gap low from 02/08 to hold.
GLD New lows on this move. If not already short, might want to wait for a move closer to 160 now
XLF (Financials) Looking like even with its starts and stops, on the way to 19.95 area
IBB (Biotechnology) Sideways.
SMH (Semiconductors): 36.17 the 2012 high and just within its reach
XRT (Retail) Tested and held the fast moving average.
OIH (Oil Services) If you were long here, you got your Valentine's Day present. Crossing the 80 monthly if stays here by end of February
XLE (Energy) Nice run as well with 81.00 next resistance from 2011.
TBT (Ultrashort Lehman 20+ Year Treasuries) The last 9 trading days have all been within the range of the big trading range made on February 1st.
UUP (Dollar Bull) Bottoming formation looking more likely now
Every day you'll be prepared to trade with:
