September 30, 2012
Mish's Daily
By Mish Schneider
Nagging 4th distribution day in volume ending the month in NASDAQ 100 and S&P 500. That looks to be saying the market wants lower after the Thursday bounce that could not reach the fast moving averages. But, QQQ and IWM had inside days, so flexibility dictates to follow the way the range breaks. Watch for which moving average the market is attracted to-the 50 DMA below or the fast moving average above.
Russell 2000 (IWM) Inside day.
Dow (DIA) 133.00 to 135.00 a range that would trade a break of one way or another
NASDAQ 100 (QQQ) Inside day.
ETFs:
GLD Inside day. Following range break up of down makes sense
XLF (Financials) 15.20 is the 50 DMA which right now seems like this group is attracted to in particular.
IBB (Biotechnology) Yet another strong close for the month.
XRT (Retail) Also seems to want to visit the 50 DMA unless clears and closes above 63.00
USO (US Oil Fund) DOJI and outperformed the market even it its current bear phase
OIH (Oil Services) Never cleared the monthly moving average which means longer term trend negative until otherwise
TBT (Ultrashort Lehman 20+ Year Treasuries) confirmed recovery phase but with lots of overhead resistance
Abbreviated version-to get full analysis plus daily picks, specific strategies for trading picks and private coaching, try the 2-week free trial.
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:
