Will Midcaps Give Traders A Whole Lotta Love?

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MMMDaily Readers: Will continue to highlight how I use the top/down analysis that you see every day in the overall market and sectors/groups to give my subscribers specific stock recommendations with entries, risks and targets. Exact guidance, exact strategies, exact profit taking day in and day out.

To MMM Premium Subscribers 11-08-11 Evening Watch: JAZZ In case biotech recovers, this is oversold on the daily and holding last week's low 34.07 plus the 200 DMA 33.50-a perfect swing risk. Looking for a move over R1 35.52 to trigger entry. First Target 41.00. Day to Swing 

From Andy M 11-09-11 9:38 AM ET on Private Twitter “In with u on JAZZ, when r u taking half off?” Entry Price 35.50 Post from Mish 11-11-11 10:05 AM ET JAZZ officially 1/2 ATR on 5 min OR entry. Friday close 36.78.

Beginning with a gap higher on Friday, market continued higher on low volume with relief from both an austerity plan (plan, not done deal) from Italy and better than expected consumer sentiment number. Encouraging since Thursday and Friday's action erased the loss from last Wednesday's selloff.  But the key word is encouragement, not celebration. All indexes remain in their current phases leaving plenty of room for them to go in either direction.

SPY: Still has the 200 DMA to clear and if does, to confirm phase change, must do so for 2 consecutive closes. With Friday's gap, that low now important to hold.

IWM:  Also must hold Friday's low then clear 75.00 first then 77.60 the 200 DMA. That's a “Whole Lotta Love” if it can clear.

QQQ: I'm somewhat perturbed about the high candle formation from last Tuesday, followed by its inability to close above 58.25. Weekly and monthly chart look better than the daily. Use 58.25 as pivotal area to cross and eyeballs on the 200 DMA 56.40 below to hold.

ETFs:

GLD Gap low Friday 172.07 to hold. Over 175 like it to the highs.

SLV (Silver) Until it closes above 34.45, bear phase intact.

XRT (Retail) I have not wavered in my analysis that this sector rocks. Like dips as buy opportunities as this is nowhere near overbought.

XLK (Technology) Has to clear 26.24 and hold 25.50.

SMH (Semiconductors) Closed over the 200 DMA; need to see a repeat performance.

XLF (Financials) 13.10 an area to hold then 13.45 to clear

XLE* (Energy) (Narrowest Range in 77 Days) If you blow on this sector it will jump over the 200 DMA and Friday's high. If you sneeze, it could fail Friday's low. Definitely worth close attention

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