December 1, 2011
Mish's Daily
By Mish Schneider
After yesterday, AAPL GOOG BIDU and even AMZN did some catching up with technology (both biotech and computer tech) remaining firm and retail, firm but mixed. Energy took a nap along with transportation, metals and financials. Unless there is a startling result in the unemployment numbers up or down, if it's business as usual, the recent island bottoms and change of phase remains encouraging.
SPY: The RSI on the daily is getting close to overbought, lots of room on the weekly and monthly ones. 123.45 area support and the looming 200 DMA at 126.75 resistance. Light volume.
QQQ: Confirmed island bottom, back over the 200 DMA at 56.30 with a confirmed Accumulation phase. Light volume which means that volume patterns in the last 2 weeks, 3 accumulation days in total. 4-5 over a 2-week period is best.
IWM: The midcaps remain a concern because although there is an island bottom, the volume patterns are unimpressive and it is still fairly far away from the 200 DMA. At is point, 77.00 is Emerald City and 71.75 must hold.
ETFs:
GLD has not had decent volume since November 21st when it was down alot. Still declining 50 DMA even with the gap higher.
SLV (Silver) Phase change to recovery but unimpressive action as it tried an early run and closed on the lows. It seems that today was the day to prove itself, so even with the better phase, unless it clears 32.75, continues to look heavy.
XLF (Financials) island bottom and confirmed phase to recovery. Inside and doji day as well. If it holds 12.60, watching this sector more than others to tell us if the bank intervention truly alleviated European debt concerns.
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