July 17, 2012
Mish's Daily
By Mish Schneider
Been waiting for some signals longer term and others shorter term. Longer term, I waited to see rates at a possible low. Today, that might have happened. I waited to see if GLD would finally falter-that's been happening for a while, but today seemed more of a departure from the overall market's performance. And, I waited to see an accumulation in volume in the S&P 500. That happened too.
S&P 500 (SPY) After we sat through the Bernanke blabber, the market found its toehold and showed us what a bull phase looks like. It cleared the July 10th high, closed well and with good volume. Now, 135.75 should hold and what we have come to learn, if breaks, anything can happen. Next hurdle 137.50
Russell 2000 (IWM) Could not get through 80.10. 79.50 now the big support to hold or could see some pressure
Dow (DIA) 128.14 is the July 10th high to clear and 127.40 a good point to watch for support
NASDAQ 100 (QQQ) Until a lot of big stock earnings are out of the way, no surprise to see this firm, but not as good looking as SPY. 63.75 a number to clear and 63.00 to hold.
ETFs:
GLD Although it underperformed the market, it also had a huge rally off of the intraday low, kind of like the volatility of the old days. Now, Keeping a negative bias and looking to see what happens at 148.50
XLF (Financials) Second spike in volume with a strong close. And a perfect touchdown and hold on the fast moving average.
IBB (Biotechnology) New highs today
SMH (Semiconductors) made a new low from early June by 1 tick and then turned.
XRT (Retail) 58.55 watch as this is the 50 DMA and a point if continues to hold should be a bouncing off point and if fails, a key turndown.
IYT (Transportation) Never will it ever cease to amaze me how respected the 200 DMA is. Great bounce after early test. However, still weak performer and now needs to clear 92.45
IYR (Real Estate) What can I say? Have loved this group since the year began
USO (US Oil Fund) Watching 34.00 carefully as a place where this could stop its recent run
OIH (Oil Services) Getting but not quite yet, overbought
XLE (Energy) Same as OIH but better overall chart formation
TBT (Ultrashort Lehman 20+ Year Treasuries) Watching to see if TLT can break 128.00
For more detailed analysis join me, along with hundreds of other subscribers, at Mish's Market Minute and get my daily trade picks, trade alerts, training videos, and exclusive analysis tools. Sign up for Mish's Market Minute now and get a free 2 week trial!
Every day you'll be prepared to trade with:
