November 3, 2011
Mish's Daily
By Mish Schneider
I hope you all enjoy the daily top down analysis. In case you are wondering what my premium service looks like-here is just one trade I walked the subscribers through this week.
From the 11-01-11 Eve Watch for MMM Premium Subscribers:
NFLX (Narrowest Range in 185 Days) On list because it had such a narrow range. Use R1 81.15 to catch a pop. Hesitant to short here because weekly RSI oversold. 94.00 overhead resistance with a close back over 96.65 impressive. Day to mini and could turn to swing
Tweet to Subs: 11-02 Entered long NFLX 81.40 choice of stops and targets for day, mini and swing traders. Intraday high today 92.60-met miniswing 1.5 ATRs target
Indexes: Like Gilligan’s Island, the island tops turned out to be more like a 3-hour tour.
SPY: Wrote 123.50 pivotal, today’s low 123.60. 127.50 the 200 DMA next big area
IWM: 77.75 the 200 DMA with 73.45 support to hold
QQQ: Cleared 57.50 and got interesting. Back to a possible stab at the July high fever unless 56.40 breaks on a closing basis
ETFs:
GLD Almost filled the gap up to 172.20. 168.20 the 50 DMA to hold now.
SLV (Silver) It underperformed the market and still in bear phase. Back under 33.00 trouble
FXI (China) Could see a test of 40.00 near if closes above last week’s high 38.76.
XLF (Financials) Filled the gap negating an island top. Watch 13.10 to hold with next resistance 13.95.
XRT (Retail) Splendid comeback from the low in the early morning. Subs-Negative pivots at 52.75.
OIH (Oil Service Holders) Filled gap. A close over 128.75 good sign as we end the week.
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