February 12, 2013
Mish's Daily
By Mish Schneider
Creeping back into overbought conditions, the S&P 500 continues its sort of bizarre looking sideways with moments of upside, overall incline. NASDAQ is holding the top of its one month consolidation, although without much cooperation from AAPL, turning out to be the dud of the first quarter 2013. The small caps have been the clearest so far and remain so although they too are inching into overbought territory. All in all, the more traders try to pick the top, the less chance it will happen anytime soon. Besides, past issues of this daily have spelled out how to detect a market top. A market overbought can always get more overbought.
S&P 500 (SPY) Dips remain buy opportunities until something extraordinary happens
Dow (DIA) Looks like it has a lot more potential
NASDAQ 100 (QQQ) The anomaly of the 2013 rally. Bullish phase. Lots of room. 67.63 was gap low from 02/08 to hold.
GLD Held the December low on this dump with a decent comeback.
XLF (Financials) Leader and looking like even with its starts and stops, on the way to 19.95 area
IYT (Transportation) Inside day and not done yet to the upside
IBB (Biotechnology) Now, even more convinced this could still run up, but this sector had its year last year.
SMH (Semiconductors): How do I love thee?
XRT (Retail) Kind of funky candle here.
IYT (Transportation) Closed just shy of the fast moving average, but still beneath our long exit price
IYR (Real Estate) Impressive run to new multi-year highs.
TBT (Ultrashort Lehman 20+ Year Treasuries) The last 7 trading days have all been within the range of the big trading range made on February 1st.
DVY (Select Dividend Index) Slow but steady winning this race
UUP (Dollar Bull) Tested the 50 DMA. Interesting to see if it can hold now at today’s low for a possible bottom
Every day you'll be prepared to trade with:
