April 2, 2012
Mish's Daily
By Mish Schneider
S&P 500 (SPY) like the Dow (DIA) took out their last swing highs and then closed well indeed, but backed off end of day just enough to keep the weaker longs cautious. NASDAQ 100 (QQQ) and Russell 2000 (IWM) did not come close to their recent swing high, another reason for caution before we begin to holler-NEW HIGHs NEW HIGHs! The fast moving averages have served well to signal ensuing corrections. We continue to track those areas until the market clears it substantially.
ETFS:
GLD Test of the 200 DMA which is sort of moment of truth. It could do some work here, but still see either possibility here-a return over the 200 DMA or a great short opportunity.
XLF (Financials) Has to clear 16.01 recent high and hold Monday low
IBB (Biotechnology) Now has to clear 124.66 and hold the 10 DMA.
SMH (Semiconductors) Still needs to clear 36.17 and hold Monday low.
XRT (Retail) After 3 day correction, tested but could not close above the fast moving average. 61.00 support area to hold, but now that it worked off overbought conditions, over today's high could get going.
IYT (Transportation) Want to see Friday's high hold now. Another one that needs to clear last swing high or enthusiasm will wane quickly.
IYR (Real Estate) 62.81 recent swing high to clear and 62.00 area to hold.
XLE (Energy) Continuing to bounce off of the 200 DMA. 71.15 ultimate support.
OIH (Oil Services) Tested the fast moving average and retreated which means any sign of weakness and still a go to sector to hunt for shorts.
TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day after huge green bar Friday. Can narrow the scope by following the way today's range breaks up or down
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