July 10, 2013
Mish's Daily
By Mish Schneider
Whether the FED indecision is the culprit or not, the session on Wednesday seemed like a game of Jacks-also known as Knucklebones. The winner (profitable trader) is the first player to successfully complete a prescribed series of throws (trades), which, while of the same character, differ widely in detail. Such is the mix of the market right now. Crude Oil rose after waning inventories. Biotechnology is back to the darling sector; Semiconductors managed a close back over the 50 DMA. Rates, gold rose as the US dollar dropped. Transportation fell and Real Estate closed flat.
S&P 500 (SPY)166 next hurdle. Support to hold 163.00.
Russell 2000 (IWM) I kept close eyes here as the threat of this making a new all-time high then failing seemed highly probable until the end of day push back to the highs. Small-caps remain supreme for now
Dow (DIA) )Over 153.36 strong. 150.75 key support
NASDAQ 100 (QQQ) 72.50 key support and like to see 73.72 clear for more strength-only note the overbought near-term relative strength indicators
ETFs:
XLF (Financials)20.35 the 2013 high and the 50 DMA key to hold
SMH (Semiconductors) Unconfirmed phase change to bullish therefore needs a second day above the 50 DMA to confirm
XRT (Retail) New all-time high yet again and overbought
IYT (Transportation) Inside day
IBB (Biotechnology) Cleared a key level of resistance with 186.98 the 2013 high in its midst
IYR (Real Estate)Inside day
GLD120 now key support
TBT (Ultrashort Lehman 20+ Year Treasuries) Sure looks like the sentiment is towards tapering with 76.00 support
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