April 12, 2012
Mish's Daily
By Mish Schneider
I know what you're wondering-will it last? I know what you're hoping-make it last! I know what you're fearing-it cannot last! I know what you did last summer-no I don't but threw that in to see if you're paying attention (and in homage to Lionsgates (LGF) new release "A Cabin in the Woods." Friday the 13th after all.
See notes on individual indexes and sectors below.
S&P 500 (SPY) Declining fast moving average closing in. 139.40 resistance. More likely to see another inside day and no bad news unless it breaks the 50 DMA at 137.64.
Russell 2000 (IWM) A nice surprise would be a gap higher leaving a possible island bottom in place as the week ends. More likely is an inside day to end the week leaving this index still vulnerable heading into Monday.
Dow (DIA) Cleared the 50 DMA barely after an awesome run.
NASDAQ 100 (QQQ) A bear flag in a bull trend could be developing-watch this one for signs of weakness unless pulls away from the fast moving average.
ETFS:
GLD A perfect trade following the breakout of the inside day. 165 the top of recent range
XLF (Financials) Filled gap, great trade, now at resistance. Would welcome digestion in today's range
IBB (Biotechnology) Like NASDAQ, could be a bear flag forming and under the 50 DMA to boot-cautious here
SMH (Semiconductors) Impressive as the one who touched, ran through and closed just shy of the fast moving average. 34.70 now pivotal
XRT (Retail) Cleared the 50 DMA handily. Also running into fast moving average resistance
IYT (Transportation) Note to self-never underestimate an inside DOJI day again!
IYR (Real Estate) Cleared the 50 DMA under the 10 DMA
OIH (Oil Services) Most hammered coming into the day and biggest percentage gainer. From December until now, the daily chart looks like a mountain in the Sangre de Cristos.
XLE (Energy) All eyes on the 200 DMA.
TBT (Ultrashort Lehman 20+ Year Treasuries) This chart looks like a dragon. Still watching the 50 DMA.
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