June 28, 2014
Mish's Daily
By Mish Schneider
For the past few weeks, all of the major indexes have been in bullish phases. Although, in the past 2 weeks the bull has been sleeping. If Nasdaq (QQQ) is going to be an indicator of what’s to come, the bulls are beginning to wake up and may give the indexes another boost. QQQ finished the week at new all-time highs, fueled largely by Apple’s (AAPL) end of day rally. The Dow (DIA) finished off the week with an inside day. We will be watching that closely on Monday, as the direction of the inside day range break may be a good indicator for Monday’s direction. Real Estate (IYR) and Oil Services (OIH) were impressive on Friday.
The market looks strong. However, one should be selective next week considering the upcoming Fourth of July holiday and the tense geopolitical situation.
S&P 500 (SPY) Cleared the 10 DMA and closed over recent highs.
Russell 2000 (IWM) Looking good. Next hurdle is the 6/24 high at 118.91.
Dow (DIA) Inside day. The high of the inside day corresponds with the 10 DMA. 168.50 is an important level to clear.
Nasdaq (QQQ) New all-time high and all-time high close. AAPL helped light this fire.
XLF (Financials) Closed above the 10 DMA. Watch the 10 DMA to see if it is support on Monday (22.75).
KRE (Regional Banks) Really like this short and long term. Watch the 10 DMA for support.
SMH (Semiconductors) Inside day. Holding that runaway gap which is great.
IBB (Biotechnology) Very strong. 259.87 is the next hurdle.
XRT (Retail) Consumer sentiment came in higher than expected. May have a golden cross early next week.
IYR (Real Estate) 72.03 closes the gap. Great move today.
ITB (US Home Construction) Establishing a base over the major moving averages. Needs to clear 24.71.
GLD In a holding pattern
Metals and Mining (XME) Wrote about this in early June when it changed phases, now looks like it want to continue basing
USO (US Oil Fund) Inside day
OIH (Oil Services) New high close. Wow!
XLE (Energy) Compressed with an inside day.
FCG (First Trust ISE Reserve NatGas) 3 inside days!
TAN (Guggenheim Solar Energy) Love this longer term. 44.78 needs to clear.
TBT (Ultrashort Lehman 20+ Year Treasuries) TLT Filled a gap on the daily chart-now if it starts to roll over, would be interested in looking at a short
UUP (Dollar Bull) Unconfirmed bear phase.
EWG (Germany) Not bad but, not as good as their soccer team.
Every day you'll be prepared to trade with:
