January 22, 2014
Mish's Daily
By Mish Schneider
Quote by Adyashanti
I know I have written this before; but clearly the mantra for 2014 is “Find the hot group/sector”. For, if one had done that since this year began, one would have come as close to Nirvana as one could possibly be given the low volume, choppy and diverse conditions that prevail.
For example, look at semiconductors. Not only did that group well outperform, but CREE-a semiconductor that reported earnings, roared throughout the session posting gains of over 7%!
S&P 500 (SPY) Inside day.184.94 the high to clear for a clean confirmation. Then back to looking for 220.
Russell 2000 (IWM) The winner! Small caps another great place to look.
Dow (DIA) Inside day. 165 is the place to clear and 162.14 the place to hold
Nasdaq (QQQ) Also a winner!
SMH (Semiconductors) Now waiting for the 2014 highs to clear and should hold 42.65
IYT (Transportation) Quietly made new highs
IBB (Biotechnology) Fearless, fearless leader!
XRT (Retail) Teeny range inside day-not that convincing here-200 DMA quite possible
XHB (Homebuilders) Bounced from the 50 DMA-with some volume.
GLD 119 acting as support as it is back to a bearish phase
USO (US Oil Fund) Cleared the 50 DMA for an unconfirmed recovery phase
OIH (Oil Services) Inside day with the 50 DMA overhead
XLE (Energy) Confirmed bull phase
XOP (Oil and Gas Exploration) Confirmed phase change to bullish
TBT (Ultrashort Lehman 20+ Year Treasuries) Bounce off the 200 DMA
UUP (Dollar Bull) 2 inside days
FXI (China) Cleared the 200 DMA for an unconfirmed warning phase.
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