April 11, 2012
Mish's Daily
By Mish Schneider
Inside day in all 4 indexes. Although S&P 500 now has a confirmed warning phase, it is a weak phase change since the slope on the 50 DMA is positive. NASDAQ 100 is still in a bullish phase and Russell 2000 like SPY, in a confirmed warning phase, but also weak. The video from Tuesday night goes into detail about 3 possible scenarios after a huge distribution spike in volume and a phase change, focused primarily on SPY. Inside day typically means that after the pause, the way the inside day range breaks, is the direction of the next move.
ETFS:
GLD Inside day-also a good one to follow the range break
XLF (Financials) Held 15.00 first time and back over the 50 DMA keeping daily bull phase intact.
SMH (Semiconductors) Back above 34.70 would be encouraging but now under the 50 DMA
XRT (Retail) Hovering on the 50 DMA
IYT (Transportation) See nothing all that significant except weak relative performer
IYR (Real Estate) Double top and holding the 80 monthly positive trend which makes this group confusing yet an essential piece of the economic recovery pie
TBT (Ultrashort Lehman 20+ Year Treasuries)18.95 a good number to watch for a hold, then a trip back to the 50 DMA.
Every day you'll be prepared to trade with: