January 29, 2013
Mish's Daily
By Mish Schneider
Although the market internals are weakening to some degree, the volume and action is so uninspiring right now for both the bears and bulls. Therefore, this is also a good time to keep eyes on the sector and group rotation (well, always) and setups on individual stocks. Certainly, it's a good time to lock in profits and keep those trailing stops. But, overall, no panic as phases all bullish.
S&P 500 (SPY) Made a new high but closed just shy. Today's low will be watched again. Time digestion is another valid way to work off overbought conditions.
Russell 2000 (IWM) Made another new high and still not terribly overbought.
Dow (DIA) Overbought after 4 big days up following the breakaway gap
NASDAQ 100 (QQQ) Golden cross. 67.00 a good place to hold and 67.46 now a good place to clear.
ETFs:
GLD confirmed distribution phase and oversold on the daily.
XLF (Financials) Bearish engulfing pattern which could or could not mean something if it breaks 17.25
IBB (Biotechnology) Still underperforming relative to the other sectors, but holding the fast moving average.
SMH (Semiconductors) Like to see this hold 34.00 now
XRT (Retail) Inside day doji day
IYT (Transportation) Possible shooting stars-so eyes on to finally get out of our last piece.
IYR (Real Estate) Took out the 2012 high and closed below. Reversal? Doubtful but could see some correction.
XLE (Energy) 77.35 the 2012 high.
DVY (Select Dividend Index) 65.00 decent target.
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