On a Magic Carpet Ride $SPY $DIA $IWM $QQQ

March 10, 2013

Mish's Daily

By Mish Schneider

At least the run at the end of last week did not look like a blow off rally! In fact, it was surprisingly orderly. The jobs report was icing on the cake, but more importantly, what does the strong dollar, rise in rates, excellent group performance in areas related to US infrastructure add up to? It does seem like holding equities for a while longer or at least until the market internals reverse, makes a lot of sense. And amazingly, unlike other bull markets we have seen, there are still many equities that are just now coming out of 5-6 year lows, forming bases and offering excellent low risks.

S&P 500 (SPY) 2007 peak high 157.52 with 154.00 now good point to hold

Russell 2000 (IWM) Uncharted territory now.

Dow (DIA) Of course this is looking overbought but somehow, not done yet.

NASDAQ 100 (QQQ) Perhaps the best opportunity or a major reason to worry as it has not pulled its weight? Regardless, a bull phase and we hope the former.

GLD Continues to hold the low from 2/20 with what could be a U-turn pattern if takes out Friday high.

XLF (Financials) Looking parabolic.

IBB (Biotechnology) Kind of unbelievable really.

XRT (Retail) Pushed through the wall and not overbought at all

IYT (Transportation) Through 110, who can argue?

IYR (Real Estate) 3 day correction or early warning sign?

USO (US Oil Fund) Looking like a near-term bottom has formed.

OIH (Oil Services) Started to pull out of limbo if Friday low holds

XLE (Energy) Cleared recent resistance but still has the top in place form early February.

TBT (Ultrashort Lehman 20+ Year Treasuries) Hello! What a parabolic move looks like.

XOP (Oil and Gas Exploration) Into some resistance at the weekly Bollinger Band but not overbought so a correction to 59.00 would be good.

XHB (Homebuilders) After a 2 day correction, ends the week with a doji day. Eyes here if market has a correction for a possible short