May 10, 2017
By Mish Schneider
Imagine having your portrait on 10.8 billion $100 notes in circulation only to have a carnival concession slit a hole across your mouth so folks can toss rings into it?
If players have a steady aim and succeed, they do not win a $100.
Rather, depending upon how many times they successfully toss a ring through Ben’s mouth, players only win a small or larger stuffed animal.
Today, investors tossed their Ben Franklins into the market.
Certain sectors enjoyed substantial gains while others struggled.
Who walked away with a prized stuffed animal?
Who lost making the concession stand owners richer?
Paying the motherload thus far this week, 3-D Printing and First Solar continued their great runs.
Besides the stock picks, in the Modern Family, Sister Semiconductors has no rival.
Gapping to new all-time highs, seems SMH and particularly cloud computing (Nvidia), exemplify the BF quote, “An investment in knowledge pays the best interest.”
Even Granny Retail has grabbed her cane and heads to the carnival. XRT confirmed the accumulation phase for the first time since December.
Granny quotes BF with, ““Having been poor is no shame, but being ashamed of it, is.”
Other Family winners are the Russell 2000 and Regional Banks. Only, they spent more than they made at the BF ring toss.
Henceforth, both must do more. IWM has 140 to contend with. KRE has the 50 and then the 100 DMA to clear before we can claim, “He that can have patience can have what he will.”
Commodities perked up again as well, especially Oil. OIL the ETF for Crude, gained over 4%. If energy and the agriculturals can hold their ground, they can quote BF with, “Energy and persistence conquer all things.”
Nevertheless, nobody’s crying for the concession owners. Modern Family Sectors Biotechnology and Transportation lined their pockets closing red.
So, as the Greatest Show on Earth plays out, keep your eyes on the Anatomical Wonders and the Ballyhoos.
In the spirit of the Final Stage of Disbelief, doubtful the market rally ends without some sort of a blow-off.
Therefore, in the words of Mr. Franklin, “Do not anticipate trouble, or worry about what may never happen. Keep in the sunlight.”
S&P 500 (SPY) 239-240 resistance could turn into a launchpad if all goes well. 237.70 key support Subscribers:
Russell 2000 (IWM) Closed over 2 Inside days. 140 pivotal. 141.50 to clear and 136.75 to hold
Dow (DIA) Resistance at 210-212. 207.70 support
Nasdaq (QQQ) Consolidation day
KRE (Regional Banks) If clears 55.40 better. 53.68 should hold if good
SMH (Semiconductors) Exploded higher due to NVDA's move on earnings.
IYT (Transportation) confirmed warning phase. 163 is key support and 166 needs to be broken to move higher
IBB (Biotechnology) consolidation day
XRT (Retail) Confirmed Accumulation phase - looking interesting
IYR (Real Estate) This sector does not look like it’s at the same party
GLD (Gold Trust) 115.55-116 held. 116.70 is pivital
GDX (Gold Miners) starts to look interesting over 22
XME (S&P Metals and Mining) A move over 28.81 will be a good start
URA (Uranium) Subscribers: See your picks
USO (US Oil Fund) Starts to get interesting over 10
XLE (Sel Energy Spdr Fd) 66.00 bottom line support
TAN (Solar Energy) Nice break over 18. Should have support in 18-17.80 range now.
TLT (iShares 20+ Year Treasuries) 120.77 to 120.14 support held. Then, 117.50 next. Resistance 121
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