May 16, 2013
Mish's Daily
By Mish Schneider
Incredible resiliency remains even if the intraday action had somewhat less sparkle. And, no surprise that today’s leading sectors are my 2013 favorites- all of which seem to like the stronger US Dollar, higher interest rates-Semiconductors, Transportation, Real Estate, Financials and Retail. Once again, commodities were hit on the head-Gold, Oil, Sugar, and Corn—then there’s AAPL (back in the bearish phase). We are still keeping a close look at the VXX (Implied Volatility of the S&P 500 Index) more for a short-term trade.
S&P 500 (SPY) I wish I could fast forward to this coming Friday 3:45 PM EST. Not for greed’s sake, but more because these weekly resistance bands are either left in the dust, or reasons to brace for an impending correction
Russell 2000 (IWM) 97-98.00 was my reasonable target with today’s high 98.67. Snap!
Dow (DIA) 154 new target.
NASDAQ 100 (QQQ) Inside day. 74.00 a target with the last 2 trading days reaching a high of 73.74. But no reason 77-80.00 not in the cards if AAPL holds this $420 level.
ETFs:
GLD Ok-so it took another day to see the move lower. 130.00 recent lows
XLF (Financials) 19.35 now support to hold
IBB (Biotechnology) Correction and the amp remains at 11!! But, that weekly Bollinger Band does indeed loom-again, making me wish I could see Friday afternoon’s price.
SMH (Semiconductors) I will always love you!
IYT (Transportation) Reached and breached target so we’re raising it again to 117.45
USO (US Oil Fund) Impressive comeback by the end of the day.
OIH (Oil Services) 45.12 is the 2013 high and if clears, a very bullish sign
XLE (Energy) Some consolidation over 81.00
XOP (Oil and Gas Exploration) 60.00 good place to hold
UUP (Dollar Bull) Made another new 2013 high today-22.90 area next resistance
UNG (United States Natural Gas Fund) Unconfirmed phase change to bullish
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