October 8, 2012
Mish's Daily
By Mish Schneider
As expected, a slow, low volume day with NASDAQ and Russell 2000 declining beneath the fast moving averages, while S&P 500 and Dow Jones, hold steady above. NASDAQ tested and held the 50 DMA which means the leaders will be the compelling ones to watch-especially AAPL which is now beginning to enter oversold territory.
S&P 500 (SPY) 144.80 is an area to hold or concerns will arise. A move above 146 should be received well
Russell 2000 (IWM) I always like to look here for clues. It seems most logical to follow the way today's range breaks up or down since both the high and low are significant chart points
NASDAQ 100 (QQQ) The 50 DMA and today's low line up. It's a make it or break it with a move above today's high reason for relief.
ETFs:
GLD Now a 2-day correction since the new highs were made. If this is to continue higher, would expect an up day Tuesday
XLF (Financials) Held 16.00 which is positive. Underneath there is also 15.77 support.
USO (US Oil Fund) 2 inside days
OIH (Oil Services) If continues to hold 39.00 will watch for a return move over the 200 DMA
XLE (Energy) I would be friendly to this over 73.95
TBT (Ultrashort Lehman 20+ Year Treasuries) TLTs held the 200 DMA and have resistance at 122.57.
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