December 22, 2011
Mish's Daily
By Mish Schneider
Watch for an email that invites you to attend my end-of-year Live Webinar called Phases and Forecasts, scheduled December 29th at 12:30 EST! Everything I write about everyday: Phase, Slope, Volume, Chart Patterns, etc. will be reviewed in detail, along with specific trading recommendations for the indexes, sectors/groups (with surprises thrown in) for 2012. It’s your chance to hang out with me, get to know what we do at Marketgauge better and with time allotted for Q and A. Coming to an Inbox near you!
SPY The 200 DMA real close by.
QQQ: Inside day.
IWM: Over today's high should take this to the 200 DMA. Otherwise, under today's low, could see another trip to the 50 DMA.
ETFs:
GLD If truly in a distribution phase, look for distance between current price and the 200 DMA.
XRT (Retail) Digesting and not too far from the moving average convergence. Not overbought so good one to watch over today's high.
XLF (Financials) Nice. Second close over 12.87 and we got a recovery phase confirmed.
IYT (Transportation) Looking at a potential accumulation phase as we end this year.
IYR (Real Estate) Like IYT, same deal.
SMH (Semiconductors) A close over 30.60 closes the week out well and takes us to the 200 DMA.
OIH (Oil Service) Another good performance but hurdles remain. The 50 DMA is a big one.
Happy and Healthy Holiday to You and Yours!
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