I Misunderstood and Joined a Jim

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So did Wednesday”s session bring back the warm and fuzzies?

Let’s examine. The S&P 500 cleared the fast moving average after finding support at the 50 DMA-volume light. NASDAQ cleared the fast moving average but not the 50 DMA. That means watch 88.50-again. That is the area to clear and close above.

The Russell 2000s remains the weak link as it did not clear neither the fast nor the 50 DMA, again with light volume. 115.50 is the number here to watch for a cross or failure from.

The Dow, like SPY had held its 50 DMA, cleared the fast moving average with Thursday’s action most likely more defining-up and market will look much better. Down, and this was a rally to resistance.

In the sectors and groups, particularly the Financials, that too has more work to do but at least, gave itself distance from the 50 DMA.

Now that Yellen has shown her willingness to keep monetary policy status quo, I found the red close in the Real Estate sector interesting as well as the TLTs or 20-Year Interest rates firming.

Foreshadowing of a bubble many have been waiting for well over a year? Right now, more of a rumination in my brain, with some light action on that possibility.

S&P 500 (SPY) 186.50 pivotal.

Russell 2000 (IWM) Inthis is an environment have to say anything is possible-let the market tell us

Dow (DIA) 163.75 pivotal or the fast moving average

Nasdaq (QQQ) Has overhead to get through or not

XLF (Financials) Held the 50 DMA has to clear 22.15

SMH (Semiconductors) Wednesday low a good place to hold

IYT (Transportation) Worth watching again or as I mentioned early on-anything that held the 50 DMA is worth watching

IBB (Biotechnology) Bounce off the 200 DMA much more comforting

XRT (Retail) Like to see one more push over Wednesday’s high for more warmth

IYR (Real Estate) 68.85 now more critical to clear

GLD I wanted to see this tell us more definitively its next direction-but all it did was have a larger range between 2 major moving averages-

USO (US Oil Fund) Island top negated. Looks very bullish which may not be that good for the market in the long run

TBT (Ultrashort Lehman 20+ Year Treasuries) Logic would say this should clear 67.80 or so and form a long awaited bottom

KRE (Regional Banks) Hasn’t broken the phase, but not such a good looking chart right here

EWG (Germany) Europe in general looking good

FCG (First Trust ISE Reserve NatGas) Looks pretty good here even near the highs