January 17, 2013
Mish's Daily
By Mish Schneider
Lot of inside days in a couple of indexes and sectors. Also, not unexpected, a rally in AAPL brought buyers to NASDAQ which cleared the fast moving average. Russell 2000 and the Dow had the inside days. S&P 500 a bit more indecisive. Volume once again, super light. All in all, not much to add to a dull day other than trend intact-waiting for new buyers to show up-can't exactly get negative with meager volume drifts lower.
S&P 500 (SPY) Next resistance goes back to September at 148.11. Support to hold 146.60
Russell 2000 (IWM) After all-time highs, the encore is an inside day
Dow (DIA) Inside day
NASDAQ 100 (QQQ) 66.60 level should hold as AAPL had a reversal pattern today.
ETFs:
GLD Still want to be negative here, but will not fight the up move until it is done
XLF (Financials) Held the fast moving average with 17.20 next and 20 the ultimate target.
IBB (Biotechnology) A bit toppy now
SMH (Semiconductors) 34.00, a nagging point of resistance for a year, is the "somewhere over the rainbow" to clear. And now, a golden cross about to occur
XRT (Retail) Nice follow through nearing resistance from September 2012
IYT (Transportation) 101.60 the 2011 high
IYR (Real Estate) Inside day near the top of an ascending channel
USO (US Oil Fund) Looks now like it wants 36.00
OIH (Oil Services) 41.00 some resistance to clear
XLE (Energy) Made new 2013 highs, again
TBT (Ultrashort Lehman 20+ Year Treasuries) Over 64.45 would be interesting
DVY (Select Dividend Index) Inside day. 58.90 recent highs.
XHB (Homebuilders) Sideways consolidation. Inside day.
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