July 16, 2012
Mish's Daily
By Mish Schneider
Inside day in the indexes which on the heels of a huge move Friday, given the low volume then and now, is not surprising at all. But, if a believer in trading the phase, one has to think "buy".
S&P 500 (SPY) Always recommend following the way the range breaks after inside days.
Russell 2000 (IWM) Through 80.06 should be good to follow.
NASDAQ 100 (QQQ) Still thinking not the best index play ahead of lots of earnings.
ETFs:
GLD Inside day, which means could be a short under Monday low if cannot clear 155.
XLF (Financials) Closed above the trend line. 14.55 major support to hold
IBB (Biotechnology) Back through the fast moving average
SMH (Semiconductors) Weak sister. As long as the June low holds might be a chance for a short covering rally. Otherwise, it's a thorn in the market's side.
XRT (Retail) If Monday's news didn't kill it and it holds the 50 DMA, that would be impressive
IYT (Transportation) Inside day at interesting resistance
IYR (Real Estate) Proved itself as it now nears overbought
USO (US Oil Fund) Unconfirmed phase change to recovery-back over the 50 DMA
OIH (Oil Services) Confirmed recovery phase. Has to clear 37.00 now
XLE (Energy) Filled the gap and closed above-better looking now
For more detailed analysis join me, along with hundreds of other subscribers, at Mish's Market Minute and get my daily trade picks, trade alerts, training videos, and exclusive analysis tools. Sign up for Mish's Market Minute now and get a free 2 week trial!
Every day you'll be prepared to trade with:
