Same As It Ever Was

November 22, 2014

Mish's Daily

By Mish Schneider

The Talking Heads

Today’s commentary prepared by Jonathan Griffin, Assistant Director of Trading Education and Research at Marketgauge.

All last week, Mish wrote extensively about holding onto the older more established long positions looking for profit targets, on new long trades, tightening the trading timeframes looking for the “quick “ money and looking for shorts as hedges when applicable.
All turned out as stellar advice.

Mish will be back on Monday with more commentary as we head towards the end of a tumultuous 2014!

See below for my comments on the indices and various sectors and groups.
Thanks!

S&P 500 (SPY) Gapped higher and held the gap with a possible reversal candle, we will need a second day to confirm

Russell 2000 (IWM) Gapped over 116.75 and then proceeded to sell off back under that pivotal level.

Dow (DIA) Another new high close, yet not very pretty!

Nasdaq (QQQ) Put in a new high then dropped to close the gap.

XLF (Financials) Needs to hold the 10 DMA now at 24.14

KRE (Regional Banks) Nasty sell off from the intraday highs, failed to close over 40.00

SMH (Semiconductors) Another new high close

IYT (Transportation) Needs to close over 164 and hold that level

IBB (Biotechnology) Quiet still

XRT (Retail) Possible slingshot high

IYR (Real Estate) Broke out over the recent consolidation, now needs to clear 76 and hold

ITB (US Home Construction) Possible slingshot needs a second day to confirm

GLD (Gold Trust) Failed to clear the 50 DMA now at 116.06

GDX (Gold Miners) 20.46 now the 50 DMA to clear

USO (US Oil Fund) Cleared the 10 DMA, needs to hold

OIH (Oil Services) Needs to clear 46.12 to really get going

XLE (Energy) Cleared the 50 DMA and held

XOP (Oil and Gas Exploration) Failed to clear the 50 DMA at 62.80

UNG (US NatGas Fund) Unconfirmed phase change back to recovery

TBT (Ultrashort Lehman 20+ Year Treasuries) TLTs Closed above the pivotal area at 120

EEM (Emerging Markets) Gapped over the 200 DMA and held

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