October 2, 2012
Mish's Daily
By Mish Schneider
Nice to see some of the sector and groups in the green-real estate, energy, homebuilders, semiconductors, transportation, financials. Retail struggling still. Now perhaps the indexes can finally cross the fast moving averages. That is what we will be watching for. And after a decent amount of time in digestion mode, following the next rally seems to make sense.
S&P 500 (SPY) Tuesday high and the fast moving average line up.
Russell 2000 (IWM) Inside day. 84.55 resistance to clear, 81.65 support.
Dow (DIA) 135.70 and above clears a trendline that connects recent highs
NASDAQ 100 (QQQ) If could not reach the 50 DMA today, then more than likely will try again for the fast moving average
ETFs:
GLD 174 the area to clear as the intraday trading remains choppy
XLF (Financials) 2 bottoms at 15.62 and close above the fast moving average.
IBB (Biotechnology) 145.23 the all-time high
SMH (Semiconductors) Over 32.00 looks good.
XRT (Retail) Watch it over 63.25
IYR (Real Estate) Inside day.
XLE (Energy) 74.55 number to clear.
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