February 7, 2012
Mish's Daily
By Mish Schneider
Best statistic I read is that Bloomberg reported Hedge Funds were up .2% at the end of January, while the S&P 500 (SPY) was up 4.4%. The low volume certainly speaks to that. As the island top from July in SPY is now a non-factor, I can't help but wonder at what point will the hedge funds come into the market to buy with a vengeance? Will we get a melt up?
S&P 500 (SPY) We filled the July gap, now watching the July high 135.70. Otherwise, watching 133.40 for any sign of weakness.
NASDQ (QQQ) When on new multi-year highs, everyone wonders about the top. Perhaps if QQQs break 61.00-perhaps.
ETFs:
GLD Friday high 170.14. Like to see that clear.
XLF (Financials) Second day of digestion. Unless it closes under 14.45, more in line for the inevitable close above 15.00- the first close over the 200 weekly moving average since the week ending October 26, 2007.
XRT (Retail) Still on new highs
IBB (Biotechnology) Could be a reversal since it made new highs and closed near the intraday low. Watch to see if holds 120.30.
SMH (Semiconductors) Volume came back and now has to clear 34.75 to look exciting again
IYT (Transportation) Significant surge in volume with the down move. Unless it can return back above 95.50, watch for an early head's up for all you top seekers.
XLE (Energy) In contrast to transportation, continuing to power away from the multi month high with good volume.
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