October 24, 2013
Mish's Daily
By Mish Schneider
What boat were you sailing on? The one heading to a recovery phase in GLD (gold)? Or, the one that the Vikings could have called “Homebuilders”? Maybe, you cruised on the stink pot called Natural Gas? How about the high Technology boat? You also could have taken a trip on Jet Blue or Delta Airlines. Regardless, the money flowed in several directions, although in US dollars, you got less value for that money. Curious that rates firmed a bit as well, leaving a possible reversal candle in the ultrashort TBTs. However, thanks to Amazon, we can all hop a train (Railroads ran this week), a plane and an automobile (Ford rocked) to our yachts, smoke our e-cigarettes (Lorillard on new highs) and shop online using our AAPL 4G servers! Life’s good on the Street.
S&P 500 (SPY) Volume has slacked off some this week but this market seems to want new highs. It’s been a week defending the gap lows from last Friday-seems for real.
Russell 2000 (IWM) 109.83 is last Friday’s low. We’re seeing that now in the rear view mirror
Dow (DIA) 153.33 is the fast moving average support to hold
Nasdaq (QQQ) 82.90 daily chart high which was the bid in the aftermarket
XLF (Financials) Like to see this clear 20.88-to negate the topping candle
SMH (Semiconductors) Inside day and not exactly wowing me here
XRT (Retail) Negated that topping candle looking a lot better
IYT (Transportation) Parabolic
IBB (Biotechnology) Let sleeping giants lie.
IYR (Real Estate) A gap over the 200 DMA would be interesting.
GLD Unconfirmed phase change to recovery
USO (US Oil Fund)Possible reversal candle
OIH (Oil Services)Clawed its way back, but not by enough
XOP (Oil and Gas Exploration) Filled the gap from the topping candle and looking like its old self again
FXI (China) Confirmed distribution phase and oversold-36.19 gap low from September like to see hold
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:
