January 14, 2014
Mish's Daily
By Mish Schneider
Quote from The Titanic
Since we dutifully waited on the dock for the next party boat to pull up rather than head back to shore; we boarded, taking the long (pun intended) walk up the plank. Now, we revelers are riding the mechanical bull.
However, since I am the designated driver aka Captain of this ship, I head out soberly, conservatively, somewhat hedged and not overly exposed, making sure the life rafts can hold everyone, just in case.
Wednesday, the 15th is significant on many counts. Not the least of which is the calendar range. Read below for those important ranges we are watching to break one way or another.
S&P 500 (SPY) Inside day. The 2014 high now has to clear and Monday’s low has to hold
Russell 2000 (IWM) The 2014 high now has to clear and Monday’s low has to hold
Dow (DIA) Inside day. The 2014 high now has to clear and Monday’s low has to hold
Nasdaq (QQQ) Made a new 2014 high which now has to follow through and Monday’s low has to hold
XLF (Financials) Inside day and under the fast moving average-still needs to prove itself
SMH (Semiconductors) New highs!!! 42.30 now pivotal support
IYT (Transportation) Inside day near highs-nice one to watch
IBB (Biotechnology) Never doubt the power of pharmaceuticals. New highs
XRT (Retail) Inside day and frankly, not too impressive
IYR (Real Estate) Base is in but now has to clear 64.70
XHB (Homebuilders) Gotta see more here for it to be convincing
GLD Unconfirmed phase change to bearish-just when lots of traders got bullish
USO (US Oil Fund) Dull
OIH (Oil Services) U-turn again-watch Friday’s high
XLE (Energy) Inside day in the now warning phase
XOP (Oil and Gas Exploration) Inside day
TBT (Ultrashort Lehman 20+ Year Treasuries) TLTs now have to hold 103.50 area
KRE (Regional Banks) Inside day (Flag forming)
FCG (First Trust ISE Reserve NatGas) Inside day
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