November 4, 2012
Mish's Daily
By Mish Schneider
Although neither as sobering nor tragic as Sandy, one does have to assess the Friday damage to the market and look forward with a logical plan. Of course, with US Elections on Tuesday, all plans are subject to change; therefore best plan heading into this week is mainly cash. Market Internals indicate S&P 500 to be short term positive, long term neutral. NASDAQ internals indicate both short and long term neutral. And the VIXX is in the bullish zone. The SPY is hovering around levels seen in 2008 before the crash. What held and are the first places to look? Financial ETF 16.00 (closed marginally under at 15.97) support, Real Estate, Retail and Semiconductors fast moving average support. Bearish engulfing patterns SPY and QQQ with Friday's move lower. The SPY and Russell 2000 ran right up to the 50 DMA resistance and turned back as if to say "Never mind." More details below:
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