August 15, 2012
Mish's Daily
By Mish Schneider
Anybody have any adjectives for low volume rally? I am getting pretty tired of saying that. I'll add this-inside day in S&P 500 and NASDAQ 100-somebody please release the pause button!
S&P 500 (SPY) 141.38 Tuesday high should clear after an inside day session. 140 support to hold
Russell 2000 (IWM) Back above 80.00. Now watching for 80.40-50 to clear for next leg up.
Dow (DIA) Inside day. 131.90 to clear.
NASDAQ 100 (QQQ) Inside day. RSIs overbought, but not putting much credence into that when there is no volume to support it.
ETFs:
GLD Through 155.90 looks better again, but really 148-158 the overall range.
XLF (Financials) Inside day. Like to see it clear 15.06.
IBB (Biotechnology) Remember the monthly close in July left the uptrend intact? Are we looking at that again for August?
SMH (Semiconductors) Holding Monday low-inside day. Good consolidation
XRT (Retail) Held the fast moving average and looking poised for another leg up
IYT (Transportation) Yes, the stuff that 200 DMAs are made of!!
IYR (Real Estate) Under 64.00 not good, over 65.00 better and back over 66.21, party on!
USO (US Oil Fund) Tried but 35.35 has to clear for another leg up.
XLE (Energy) Sideways and still consolidating
TBT (Ultrashort Lehman 20+ Year Treasuries) Checked my entries on this from 07/18 when I began to write about this bottoming.
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