February 7, 2012
Mish's Daily
By Mish Schneider
Inside, low volume day in S&P 500 (SPY) and Russell 2000 (IWM). NASDAQ (QQQ) breaks Friday's low by 2 cents intraday, closing just about unchanged.
S&P 500 (SPY) Has to clear the July 21st low (134.88) the only nagging concern related to the still intact island top.
Russell 2000 (IWM) Held Friday's low which means now an important area to hold. Good that it worked off some overbought conditions though.
ETFs:
GLD Still holding the gap from 1/26 provided 166.55 holds. I have seen blogs on both sides of this coin-real bullish and real bearish. At this point, I lean towards bear, but have no position.
XLF (Financials) Good digestion with an inside day. A close above 15.00-will be the first close over the 200 weekly moving average since the week ending October 26, 2007.
XRT (Retail) Now overbought but looks like it got more to do on the upside.
IBB (Biotechnology) This is what we may see in XRT-overbought meaningless thus far. Hello parabolic!
SMH (Semiconductors) Looked real dicey for a bit this morning and still kind of does. But the volume was so pathetic, cannot say much more with any real conviction other than today was a correction.
IYT (Transportation) Want to see this clear last week's high for a new leg up.
XLE (Energy) Powered out from the recent highs. Now, want to see it hold 73.16 to make sure this was not a one day wonder.
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