Many Times I Loved, Many Times Been Bitten

June 23, 2014

Mish's Daily

By Mish Schneider

Led Zeppelin “Over the Hills and Far Away”

Rather dull beginning of the week in the indices. No deal breakers to speak of. The Russell 2000s held support as did NASDAQ, the Dow and the S&P 500. Notable could be NASDAQs inability to clear 92.80, a relatively solid pivotal chart point on the daily.

But then, recycling the summer light versus winter shade Dickensian quote, the light shone on several equities-3D Systems, Tesla, Google, First Solar to name a few. The frigid included several names in Biotechnology andcertain other Solars (rotation) a few of the highlighted commodities from last week especially Corn, Oil and Sugar, which still looks promising.

One rather bizarre anomaly is China-although well above the major daily moving averages, the ETF retreated significantly from the highs while several China Company stocks began to rebound. Perhaps there is fear of rising rates-perhaps it ran too rich. The longer term charts do have a bottoming look to them. Seems, it will take more time for their country fund to play catch up with the US!

S&P 500 (SPY) Looks like a healthy rest

Russell 2000 (IWM) 117.40 area support and stopped today at some daily chart resistance from early April

Dow (DIA) Very close to new highs -trouble happens under 168

Nasdaq (QQQ) 92.80 becoming even more pivotal into Tuesday

XLF (Financials) Like this A LOT!

KRE (Regional Banks) 40.76 to clear for this to join in

SMH (Semiconductors) Sideways and well deserved rest

IYT (Transportation) Like to see today’s lows hold

IBB (Biotechnology) 250 should be the support now

XRT (Retail) Inside day and has to clear the March highs 87.53

ITB (US Home Construction) Like this over 24.25- on a closing basis

GLD 2 inside days now-could see some action on Tuesday