February 19, 2013
Mish's Daily
By Mish Schneider
New multi-year high close in S&P 500, Russell 2000, but more sideways which is better than down, in the DOW. NASDAQ had a new high close for 2013 but has not cleared the 2012 high-not even close. All in all, low volume but firm beginning to the week and getting the feeling the best has not happened yet. In other words, still looking for a rip your face off type rally before we start looking at an exhaustion top.
Dow (DIA) 140.36 is the 2013 high to clear and today's low good point to hold
NASDAQ 100 (QQQ) If the new high close for this year is good, today's low should hold.
GLD Significantly oversold on the daily Relative Strength Indicator with an inside day
XLF (Financials) Looking like even with its starts and stops, on the way to 19.95 area.
IBB (Biotechnology) Sideways and pushing against the 10 DMA
SMH (Semiconductors): 36.17 the 2012 high. Pretty sure it will get there very soon
XRT (Retail) Opened above its pivotal point and did not really look back.
IYT (Transportation) 110 is a target but now a bit extended
IYR (Real Estate) Got some room here to the upside
USO (US Oil Fund) Inside day.
OIH (Oil Services) 2 Inside days-big eyes here
XLE (Energy) 79.51 last week's high to clear
TBT (Ultrashort Lehman 20+ Year Treasuries) The last 11 trading days have all been within the range of the big trading range made on February 1st.
DVY (Select Dividend Index) 65.00 target looking more possible
XOP (Oil and Gas Exploration) Inside day.
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