June 30, 2014
Mish's Daily
By Mish Schneider
This week’s evening watches will be prepared by Matt Mullins. Michelle Schneider will return onJuly 7.
The last day of quarter saw Nasdaq (QQQ) closing at new highs. However, with no major reports on the horizon and the upcoming Fourth of July Holiday, I would expect the volume to slow down to a trickle. This will be a stock picker’s market where one will have to be very selective. Be careful with breakouts- make sure you have good volume and good support. Patience will likely be rewarded to the traders who wait for Opening Range Reversals. I would not be surprised to see a range bound market for the remainder of the week, however we are in a bull phase so be ready for the unexpected.
S&P 500 (SPY) Cleared the 10 DMA and closed over recent highs. 96.60 will be resistance.
Russell 2000 (IWM) Looking good. Next hurdle is the 6/24 high at 118.91.
Dow (DIA) Under the 10 DMA and is the weakest of the four major indices.
Nasdaq (QQQ) New all-time high and all-time high close. Getting extended and has a high RSI. Digestion likely.
XLF (Financials) Watch to see if it can clear the 10 DMA.
KRE (Regional Banks) Needs to clear 40.38 (the highs from the last 2 days).
SMH (Semiconductors) New all time high and closed over recent highs. Very interesting.
IYT (Transportation) 148.14 can be resistance.
IBB (Biotechnology) Compressing. 259.87 is the next hurdle.
IYR (Real Estate) Closed the gap.
ITB (US Home Construction) Needs to close over 24.94 to give confidence for the next leg up.
GLD Broke out of compression.
Metals and Mining (XME) Good day today.
OIH (Oil Services) New high close. Wow!
XLE (Energy) Compressed and looks strong over today’s high.
XOP (Oil and Gas Exploration) Similar chart to XLE
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) Confirmed bear phase.
EWG (Germany) Not bad but, not as good as their soccer team.
IFN (India Fund Inc.) 25.38 is the 80 month moving average
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