June 19, 2012
Mish's Daily
By Mish Schneider
Coming into Monday, the NASDAQ leaders and the semiconductors had to prove themselves. The Financial Sector had to hold, but not necessarily rally. The indexes are all near their 50 DMA except the DJ Industrials, which are on the 50 DMA. Volume is real light. Many investors remain sidelined. This could make for a substantial run should they come back in. It could also make for a run to the exits for speculators wanting to protect their longs if the investors stay away as the week continues.
S&P 500 (SPY) If good, should now hold 134.25 level
Russell 2000 (IWM) 5/29 high continues to elude. 76.15 support and 78.15 the area to clear
Dow (DIA) The 50 DMA-which is sloping down-very interesting price points
NASDAQ 100 (QQQ) Closed above 63.15 with that number now to hold and the 50 DMA to clear
ETFs:
GLD Recovery phase and looking like anticipating FED news
XLF (Financials) DOJI holding the weekly moving averages. Digestion not such a bad thing for now
IBB (Biotechnology) All-time highs back in its midst unless it breaks 122.95
SMH (Semiconductors) Cleared the 200 DMA. A second close above good sign
XRT (Retail) Eyes on this sector since as a former 2012 leader, still underperforming
IYT (Transportation) Cleared the 50 DMA and took off-eyes on the earnings for FedEx
IYR (Real Estate) Unless it breaks Monday’s low, looks poised for higher prices
USO (US Oil Fund) Over Monday’s high, could see a relief rally
XLE (Energy) The fast moving average to hold or trouble here again
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