January 9, 2012
Mish's Daily
By Mish Schneider
Earnings Season has begun with the best post market performer at time of writing Cirrus Logic (CRUS) a semiconductor. And speaking of Semiconductors (SMH) that ETF although still lacking in pizzazz, did manage to close above last week's high with an Accumulation Day in volume. As for the rest of the indexes, they all closed with an inside day to Friday's range, with NASDQ dropping although on lighter volume.
SPY: Another Inside day with a DOJI. Over 128.40 see another leg up. Under 126.00 and fear will return.
QQQ: Amazing how once these indexes become overbought on the 2-Day RSI lately, they sputter as did this today.
IWM: DOJI Inside day. Over 75.40 will anticipate it will blow through the 200 DMA. Under 73.15, and will expect fear to return.
ETFs:
GLD Since I am negative overall here, now that this has retreated from the 200 DMA, yet closed above Friday's low on super light volume, tomorrow could very well be the do or die.
XRT (Retail) A range expansion day.
XLF (Financials) Needs to clear from 13.55 with volume for a new leg up or begins to look tired.
IBB (Biotechnology) Overbought.
XLE* (Energy) Inside day and positive pivots. Real quiet today and not overbought therefore big eyes tomorrow.
OIH (Oil Service) Over 119.34 should see move to 120.75 level. 116 still the major support.
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