June 6, 2019
Mish's Daily
By Mish Schneider
Definitely maybe keeps coming up.
You cannot park here, unless you are inanimate.
A legitimate parking spot?
Definitely maybe.
Definitely maybe the Banks and Federal Reserve will cut interest rates.
Definitely maybe the tariffs on Mexico will go away.
Definitely maybe China will come to the table.
Definitely maybe we are heading into a recession.
Definitely maybe the market will run to new highs.
Definitely maybe the US will wage war with Iran.
And so forth and so on.
What do we do with all these definite maybes?
We came into today focused on both Semiconductors and Transportation.
One closed green, the other red.
Semiconductors SMH, after all was said and done, definitely maybe will go up or down from here.
How can I be so cheeky?
The price action today was an inside day. That means, that the price action traded within yesterday’s trading range.
This means the bulls and the bears are relatively noncommittal.
Transportation IYT, which closed lower than the day before, held a fast moving average. That means IYT found support, but not enough buyers to propel it to close green.
The Russell 2000 closed red as did Regional Banks, brick and mortar Retail and Biotechnology.
In fact, only SMH leans more towards the definite than the maybe.
All in all, we are back looking at an all too familiar scenario.
The Modern Family, except for its warrior sister Semiconductors, are leaning towards the maybe.
The market is mixed, choppy, confused, and waiting for a tangible to sink its teeth into.
Definitely maybe that will resolve tomorrow.
Every Tuesday and Thursday, I will be on KKOB radio at around 6:15 PM mountain time (8:15 PM EST) to discuss markets and market news. www.iheart.com/live/770-kkob-5411/
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I'm happy to announce that my book, "Plant Your Money Tree: A Guide to Growing Your Wealth", made it to BookAuthority's Best New Wealth Books:
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S&P 500 (SPY) 284.20 pivotal with 286.55 the 50-DMA overhead
Russell 2000 (IWM) 148.40 area support with 151.65 last week’s high resistance
Dow (DIA) Confirmed caution phase with 257 pivotal. 260 overhead resistance
Nasdaq (QQQ) 174.60 pivotal support and 178.95 resistance
KRE (Regional Banks) 51.40 support. Overhead resistance at 53.50
SMH (Semiconductors) 101.01 pivotal. Resistance overhead at 105
IYT (Transportation) 182.90 pivotal. 185.75 resistance. 180 support
IBB (Biotechnology) Failed the 200-WMA. That makes 103.15 resistance
XRT (Retail) 42.12 the major resistance with now, 40.00 big support
Every day you'll be prepared to trade with: