May 21, 2012
Mish's Daily
By Mish Schneider
It is very possible a short term bottom is in place. Many slingshot patterns have emerged with the volatility index (measurement of sentiment and fear) indicating a short-term buy on Monday.
S&P 500 (SPY) Troubling even after a new short term low and close on the highs is volume. Lighter than average and ineffectual in reversing the string of distribution days over the last few weeks
Russell 2000 (IWM) Back over the 200 DMA.
Dow (DIA) Like the others, low volume. Also like the others, still in strong warning phase.
NASDAQ 100 (QQQ) After the extreme oversold relative strength, good to see a bounce. Now, 61.85 pivotal.
ETFs:
GLD Holding the gap and last week's buy signal unless breaks under 153.10
XLF (Financials) Nice hold of the 200 DMA. Would like to see 14.40 clear
IBB (Biotechnology) Back into the unconfirmed bullish phase. Now has to clear the fast moving average and hold 122.50
SMH (Semiconductors) Kind of another thorn since still below the 200 DMA
XRT (Retail) First one to break the previous day's highs. Still in strong warning phase, but the longer it holds here, the better
IYT (Transportation) 91.00 is where it broke down from. Now, has to clear it again
IYR (Real Estate) Weak warning phase which means as with the last rally, need to see some upward follow through
OIH (Oil Services) After insanely oversold, good run to the fast moving average. Bear phase still so a gap higher would be very positive
XLE (Energy) 64.45 new support and 66.05 resistance
TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day Friday now a doji day. If TLT breaks Monday's low, a correction would be likely to 121.00
Every day you'll be prepared to trade with:
