January 4, 2012
Mish's Daily
By Mish Schneider
Classic digestion day in NASDQ and S & P 500 with a confirmed phase change in SPY to Accumulation yet unimpressive volume. QQQ looks better since confirmed a bullish phase with a bullish candle and held the breakaway gap-albeit on low volume.
IWM: DOJI in this one and continues as the weak link. But, back over today's high and it's got some catching up to do.
ETFs:
GLD As soon as I see the rollover, will jump back into the short side. Only reason to change my mind, if clears the 200 DMA.
XRT (Retail) Sitting on the 50 DMA like a child on a swing.
XLF (Financials) Let's just say that if the market was going to get nasty, this would have done a whole lot worse.
IYT (Transportation) Confirmed phase change and similar to SPY-on the 200 DMA but filled the gap from yesterday, which knocks some wind out of the sails.
IYR (Real Estate) Going to call this a failure from the 200 DMA for now. But, 55.00, pretty darn important.
IBB (Biotechnology) Can call this a failure at the top of the channel-but typically I wait 2 days to make such claims.
SMH (Semiconductors) Still wildcardish. Through 31.50 would impress. 30.25 next key area to hold with a break of the last swing low 28.69 trouble.
OIH (Oil Service) Approaching overbought before it even gets to the 50 DMA. The last 2 days formation makes this worth watching. Under the lows especially.
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