March 13, 2013
Mish's Daily
By Mish Schneider
Robin Williams: “I love cross country running…On a track, I feel like a hamster.”
I am not sure who is more tired-at the highs-but tired: the market or me. When a runner hits the wall during a marathon, the choice is to stop or keep going, but at a really slow pace. The Dow (DIA) has rallied 9 days in a row, (longest winning streak since 1996). Even with the higher close, the day's trading range was inside yesterday's trading range. Volume is super light, RSI's super high. Not exactly the blow off rally the bull market of 2013 deserves. Seems more like a crawl to the finish line from here.
S&P 500 (SPY) The 2007 high still in gear 157.52 with 155 now support.
Russell 2000 (IWM) Crossed 93.75, but this is exactly what I mean-it seemed so anticlimactic.
NASDAQ 100 (QQQ) 69.00 has to clear and 68.00 has to hold
ETFs:
GLD If the market is for real, this should go south. Looking at 153 to see if holds or fails
XLF (Financials) Second inside day for all you marathon buffs-but I still have my money on this finishing the race
IBB (Biotechnology) Inside day
SMH (Semiconductors): It's all about 36.00-and she is such a tease!
XRT (Retail) New highs after great report
IYT (Transportation) Cleared 110.
IYR (Real Estate) Wrote yesterday: "Tested and held the fast moving average. Above today's high would be a good sign and below today's low more reasons for concern." Go figure, a doji day right in the middle.
USO (US Oil Fund) Failed again to close above the 200 DMA
OIH (Oil Services) Mainly I see a sloppy chart, now with an inside day
XLE (Energy) Has to clear the top in place form early February.
XOP (Oil and Gas Exploration) Into resistance on my weekly chart and had an inside day
XHB (Homebuilders) Has to clear 30.00
For more detailed analysis join me, along with hundreds of other subscribers, at Mish's Market Minute and get my daily trade picks, trade alerts, training videos, and exclusive analysis tools. Sign up for Mish's Market Minute now and get a free 2 week trial!
Every day you'll be prepared to trade with:
