November 15, 2011
Mish's Daily
By Mish Schneider
After the lightest volume since before the summer, volume stayed light but improved from yesterday making this an accumulation day. SPY broke yesterday's high and low and closed higher. QQQ, even better-never took out yesterday's low and closed higher (not quite making it over 58.25) also with an accumulation day (albeit light) in volume. IWM closed above the level that I called "encouraging" last night. Plus, if the oil market hadn't sputtered, the rally may have been even better. Confusing yes, but there are many individual stocks rocking to new highs in spite of the noise.
ETFs:
GLD* Doji after inside day. Over 175 like it to the highs.
XRT (Retail) Looking at 53.75 to cross
XLK (Technology) cleared 26.24 with a lot of help from AAPL
SMH (Semiconductors) Now has to clear 32.33
XLF (Financials) Stopped right at that odd number 13.13. So technical almost hard to believe. 12.65 number to hold and 13.20 now a better number to clear
XLE (Energy) Will be compelling over 71.82 and likely to test 69 if breaks 70.65.
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