June 13, 2012
Mish's Daily
By Mish Schneider
More noise, more volatility, more market remains at a midpoint- in a warning phase, still vulnerable, yet with the longer term uptrend intact. Russell 2000 and Small Caps make the trip back to Distribution Phases.
S&P 500 (SPY) Held the fast moving average. No significant volume pattern. The indecision is exhausting.
Russell 2000 (IWM) I'm fairly sure this is showing the lead for more weakness. But, the market does not live or die by this index alone.
Dow (DIA) This looks like sideways consolidation while holding it its current warning phase
NASDAQ 100 (QQQ) Consolidating and hanging onto the fast moving average.
ETFs:
GLD 155.90 good area to hold.
XLF (Financials) I sure would be happy to see a weekly close over 14.30 if 13.80 holds up.
IBB (Biotechnology) It would take an awfully big move to convince me now that the top is in place for the intermediate term
SMH (Semiconductors) As nuts as this sounds, over 31.89 I would follow it up.
XRT (Retail) Broke the inside day range to the downside. Another sector that would have to make huge strides up to not look like a top.
IYR (Real Estate) 60.00 is support. Needs a close over the 50 DMA for any chance of a recovery
XLE (Energy) The last 5 trading days looks like kids sitting on a slide otherwise known here as the fast moving average. Either gravity will make it tumble, or a big wind will lift it airborne.
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