June 25, 2012
Mish's Daily
By Mish Schneider
Week began with the wolf not grandmother considering the gap lower and consequential follow through. The 200 DMA back in the S&P 500 midst, Russell 2000 upon it and NASDAQ once again, the best hope that current levels hold as it landed on support levels from 2 weeks ago along with a fairly significant exponential moving average.
S&P 500 (SPY) Unless it crosses 132.60 assume the 200 DMA is next.
Russell 2000 (IWM) On the 200 DMA and not even close to oversold.
Dow (DIA) 125.45 the number to watch before feeling safe on the long side
NASDAQ 100 (QQQ) Under 61.52 there is a gap to 61.24. Otherwise, over today's high, should test the fast moving average. Low volume reflecting lack of enthusiasm either way.
ETFs:
GLD One should be negative (the 50 and fast moving averages sloping down are 2 reasons). However, through 154.23 could see more upside
XLF (Financials) There goes my long term weekly moving average hold. Now, it's up to the 200 DMA as best hope.
IBB (Biotechnology) Inside day-under Friday low, if market gets nasty should put the kibosh on its recent run to new highs.
XRT (Retail) Hard to short with the gap lower, but overall, unless it clears 57.80, looks lower from here
IYR (Real Estate) Before we throw in the towel, another economic number comes out Tuesday-Case -Shiller Price Index.
USO (US Oil Fund) Not sure I would call this good news, but it is holding the recent lows and over 30.00 could have more short covering
TBT (Ultrashort Lehman 20+ Year Treasuries) TLT been forming base for last several weeks which means not acting particularly toppy.
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