January 30, 2012
Mish's Daily
By Mish Schneider
Seems the market forgot to have its morning cup of joe since it began weak and then proceeded to drift higher with no real gusto. No bloodbath nor "in your face bears" type rally...milquetoast at best. Neither committed sellers nor panic abounds. With NASDAQ 100's inability to confirm the potentially powerful daily chart pattern we began this day with as bad news, for now making the opposite assumption-all good.
S &P 500 (SPY) Of the 3, this one most troubling since it failed to close above the 10 DMA, more like a dead heat with it.
Russells 2000 (IWM) Did test and hold the 10 DMA at 78.45. Do not see any reason to be negative even if it trades lower. And 81.00 target not off the table.
NASDQ (QQQ) Closed higher even taking out Friday's high by a few ticks although could not rally above it.
ETFs:
GLD 175.50-176.50 not unrealistic unless it breaks 167.05.
XLF (Financials) Tested and held the 200 DMA although the longer term trend has not changed.
XRT (Retail) Inside day.
IBB (Biotechnology) Inside day Friday, DOJI day today. 114.15 support on the fast DMA and over 115.70 should still have more to upside.
IYT (Transportation) DOJI Hammer candle followed by a bullish engulfing pattern and now inside day. 97.00 totally in the cards.
XLE (Energy) Almost got ugly there for a second failing the 200 DMA and then coming back through to close above it. 73.17 has to clear unless it does close tomorrow under the 200 DMA in which case an inverted head and shoulders bottom possible.
TLT (20+ Year Treasury Bonds) 119.25 the 50 DMA should hold to see those December highs.
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