December 23, 2012
Mish's Daily
By Mish Schneider
Large gap down after the vote delay on Boehner's Plan B or what many are calling Merry Cliffness! Then, some buying came in. I will venture to say that the worst of the news is in the market now, meaning that Friday's lows could be it for the remainder of the year and possibly as 2013 begins. Monday is ½ day and would expect a very quiet session until after Christmas. Happy Holidays to all!
S&P 500 (SPY) Held the 50 DMA and would expect it to continue to hold. Now, through 143.30 then 144, will be like Friday never happened. Otherwise, 141.75 is huge.
Russell 2000 (IWM) Held onto the fast moving average and closed well all things considered, keeping its place as a leader. Like to see 83.40 area hold as we start the week.
Dow (DIA) Touched down on the 50 DMA and held making 131 important. In fact, if that cannot hold, would consider that an ominous sign. Otherwise, over 132.20 good sign.
NASDAQ 100 (QQQ) 64.40 is ultimate support. Under the 200 and 50 DMA as of Friday's close. Through Friday's high will look to see what happens at the 200 DMA.
ETFs:
GLD Through 160.90, have some resistance at the 200 DMA but filling last week's gap, good for the yellow metal.
SLV Inside day.
XLF (Financials) Last week wrote that 16.30 was good support and a new buy opportunity. Friday's low 16.29. 16.44 old 2012 high and now a good place to rise above into next week.
IBB (Biotechnology) Held the 50 DMA so in spite of this not being my favorite sector for 2013, it could be more range-bound then negative
SMH (Semiconductors) If Friday's low holds, back looking for 34.00 and beyond
XRT (Retail) Unconfirmed phase change to warning. 61.00 the 200 DMA support and over Friday high gets back over the 50 DMA.
IYT (Transportation) Friday was a buy opportunity as this continues to look like a hot sector for 2013.
IYR (Real Estate) Inside day.
UUP (US Dollar Bull) Dollar may have seen a bottom
USO (US Oil Fund) 32.00 support and through 32.50 looks good
XLE (Energy) Friday's range although not an inside day, is place between 2 moving averages and worth following the way it breaks
TBT (Ultrashort Lehman 20+ Year Treasuries) Unless TLTs get back over the 200 DMA, still looking at chance of rates rising.
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:
