April 19, 2012
Mish's Daily
By Mish Schneider
Readers, today-Wednesday was an inside day in S&P 500, DIA and nearly in NASDAQ.
Do you know why this is important?
Do you know why it is even more important right now in the current market?
Do you know what to do with an inside day?
Do you know the phase of the indexes, ETFs, and corresponding stocks?
Do you know what timeframe you want to trade in and if so, what risk/reward you are looking for?
Please let me help give you the answers to all these questions. Now is the time to have specific strategies that are consistent yet adaptable to market conditions like these. Sign up for Mish's Market Minute now and get a free 2 week trial!
S&P 500 (SPY) Inside day and a perfect range to follow one way or another given the return to a bull phase yet sitting on the 50 DMA.
Russell 2000 (IWM) Either recovers real soon, or looks like will test last week's low again
Dow (DIA) Like SPY, follow the range break of the inside day
NASDAQ 100 (QQQ) Tested the fast moving average, close beneath with a doji day.
GLD Death cross and now inside day
XLF (Financials) DOJI inside day-paused-let's keep eyes on
IBB (Biotechnology) Warning and inside day to boot
SMH (Semiconductors) Has to fill the gap from 04/03 to get me excited.
XRT (Retail) Inside day here too.
IYT (Transportation) Outperformed the rest of the market.
IYR (Real Estate) inside day. 63.00 the 2011 high to clear if does not fail the 50 DMA first
OIH (Oil Services) Held up well with overhead resistance at 40.50
XLE (Energy) Inside day
Every day you'll be prepared to trade with:
