September 5, 2012
Mish's Daily
By Mish Schneider
All I can say is don't fall asleep. Once this market wakes up, it will make a big move up or down from its current range. Considering the bull phase and the consolidation near the highs, right now-that points to sunny skies ahead. But, flexibility and having a plan is key.
S&P 500 (SPY) Remains under the fast moving average. 140 area key support and 141.50 good area to clear to resume move up.
Russell 2000 (IWM) 82.70 is August high. 81.20 area now support.
Dow (DIA) DOJI. Over 130.80 looks good, under 129.20 not so much.
NASDAQ 100 (QQQ) DOJI resting under the fast moving average. 68.50 point to clear and 67.45 point to hold.
ETFs:
GLD Narrow range day near highs of recent move so most likely more upside
XLF (Financials) 15.20 number to clear and 15.08 to hold.
IBB (Biotechnology) Inside day-over 138.75 still looks good
SMH (Semiconductors) Held the 50 DMA nearly to the tick. Over 32.62 should bring back buyers. Under the 50 DMA some key weekly moving averages next support.
XRT (Retail) Over 62.00 will break a trendline and should be good for this sector. 60.86 now key support
IYT (Transportation) Huge divergence-as the market went up first ½ of 2012 so did this. Now, it is under the 200 DMA significantly and breaking bad with the rest of the market. This concerns me.
IYR (Real Estate) 66.21 last swing high to clear. 65.25 to hold.
USO (US Oil Fund) I like the green close.
OIH (Oil Services) Like this over 40.50 for a resumption of recent move up
TBT (Ultrashort Lehman 20+ Year Treasuries) 15.25 now resistance or point to clear for some follow through
Every day you'll be prepared to trade with:
