December 21, 2012
Mish's Daily
By Mish Schneider
The day began with the expected continuation of digestion/correction, but ended with a good amount of buying although, the 10/19 high in S&P 500 still looms as resistance. NASDAQ closed above a key support area and the Russell 2000, continues to lead with new highs quite possible. As 2012 nears the finale, new trends begin to emerge for the upcoming year. Many sectors are ripe and ready for a huge uptrend while others have had their day. It’s not too late to take advantage of our recent offer and work with a seasoned mentor as the New Year begins. Click https://marketgauge.com/csts-video/
S&P 500 (SPY) 145.58 to clear and 144.00 good place to hold.
Russell 2000 (IWM) Was able to hang on to recent move with 86.00 back in site as long as 83.25 area holds.
Dow (DIA) From nasty candle to ok close. Now, has to hold today’s low and cross 133.70
NASDAQ 100 (QQQ) 66.30 held. The 200 DMA essential support. Like to see it clear 66.76 for another leg up.
ETFs:
GLD Possible peak bottom for now.
XLF (Financials) After a shaky start, closed on new 2012 highs. This is a sign for things to come-good financial sector driving the rest of the economy it seems.
IBB (Biotechnology) Not so interesting a sector anymore
SMH (Semiconductors) Still bullish in this group.
XRT (Retail) If holds 63.35 level, today will look like a breather only.
IYT (Transportation) Overbought but very strong and great buy on a correction.
UUP (US Dollar Bull) Seems that the dollar could be next to firm.
USO (US Oil Fund) confirmed phase change to recovery if 32.32 holds. Through 33.11 clears recent resistance
OIH (Oil Services) Looks better over 40.00
XLE (Energy) Through 73.40 looks good
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