April 8, 2013
Mish's Daily
By Mish Schneider
Oh happy day if you are bullish, which certainly makes sense even given last week's decline as both the S&P 500 and the Dow never violated the bullish phases. And now, the Russell 2000 cleared the 50 DMA reestablishing the bull phase (although it needs another day to confirm), same with NASDAQ. The flight to bonds ended today with the TLTs rejecting the 200 DMA and the TBTs (short bonds) confirming what we refer to as a slingshot low (rough referral to David slaying Goliath.) What's next? For one, the official kickoff of earnings season. Secondly, market needs another day for IWM and QQQ to confirm the move is real and finally, the financials-they (XLF) need to take out the 2013 high (18.48).
I rarely talk about how our equity picks do relative to the market. But, we consistently outperform every day, not to mention, our short picks this year have well underperformed. Here are today's stats:
SPY up.7% MBI up 7.1% TOL 2.9% JPM 1.4% LTD 1.5% EQT 2.7% AIG 3.68% AOL 1.35% FSLR 2.27% MUR 1.4% CREE JCI and SLB only up .8%-out of 18 long picks, 12 or 67% outperformed today. 14 out of 18 closed green. Plus, the one short we have (had- now gone on the close-EW-down .02%)
S&P 500 (SPY) Cleared the fast moving average and now has to hold 155 low balling it and 155.90 closer and tighter
Russell 2000 (IWM) Over the 50 DMA 91.90. Now, the area to hold Subscribers: 93.00 next hurdle
Dow (DIA) Cleared the fast moving average. Real close to the highs once again
NASDAQ 100 (QQQ) Cleared the 50 DMA (67.90) and now, 68.50 a hurdle to clear
ETFs:
GLD Inside day to Friday's green candle which means a good one to follow the range break
XLF (Financials) Needs to take out the 2013 high (18.48).
IBB (Biotechnology) Underperformed but still in good shape
SMH (Semiconductors) Held 34.00, now looking at 35.00 and the day this gets over 36.17-look out above!
XRT (Retail) Looking like those double tops at 70.81 will be history.
IYT (Transportation) Confirmed phase change to bullish
IYR (Real Estate) New highs the last 3 trading days. Now extended, but sure helped us get long other instruments with more confidence
USO (US Oil Fund) Confirmed distribution phase but trying to test the 200 DMA
TBT (Ultrashort Lehman 20+ Year Treasuries) Of the 3 possibilities: 1. Gravestone Doji 2. A slingshot low 3. An island bottom in the works, looks like #1 not a concern, #2 is confirmed and jury out on #3.
XOP (Oil and Gas Exploration) Unconfirmed return to the bullish phase needs to confirm
XHB (Homebuilders) Unconfirmed return to the bullish phase needs to confirm
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