October 25, 2012
Mish's Daily
By Mish Schneider
Now that AAPL earnings are done with, as expected, NASDAQ weakened under the 200 DMA after the close, but AAPL itself although not great, seemed to have had a lot of the disappointment factored in. More importantly, perhaps we can now go about the rest of the market without the iCloud hanging over our heads.
S&P 500 (SPY) Filled the gap from Tuesday's low with Thursdays high which makes 142.28 a good number to watch. Downside, under 140.50 and the 200 DMA seems likely.
Russell 2000 (IWM) 81.50 pivotal and over Thursday high good reason to think a test of the 50 DMA on hand. Otherwise, under 80.85, the 200 DMA is below.
NASDAQ 100 (QQQ) 65.00 is the 200 DMA-obviously pivotal.
ETFs:
GLD 166.06 was the high on the gap down Tuesday. Also filled the gap left from September. Starting to look better if holds these levels.
XLF (Financials) One of the few in a bullish phase. Like to see it clear 16.03
IBB (Biotechnology) Interesting that this is still in just a weak warning phase. Continue to watch.
SMH (Semiconductors) Interesting inside day and good close.
XRT (Retail) 62.09 its number to clear and close beyond
IYR (Real Estate) Broke the recent lows, tested the 200 DMA and closed above 63.40. Like most of the sectors, could be going through a bottoming formation
USO (US Oil Fund) Unless it gaps over 32.15, leave it alone
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