February 14, 2012
Mish's Daily
By Mish Schneider
Nearly gained back the loss from Friday in S&P 500, but until it takes out the July high 135.70, with today's DOJI (opening and closing price virtually the same), still more of a hesitation at these levels, especially since the volume is yet to indicate real confidence. Market internals remain overbought. But, what is interesting is the continuing rotation in sectors and groups.
S&P 500 (SPY) The 10 DMA a good place to now hold.
Russell 2000 (IWM) No island top since it did not confirm. The 10 DMA at 81.80 now a place to hold for move to continue up.
NASDQ (QQQ) Closed under the weekly Bollinger Band, yet with a strong closing price (new high in a decade). Watching the 10 DMA here as well 62.00.
ETFs:
GLD A gap open over 168.55 perhaps we will get excited.
XLF (Financials) 14.55 now support to hold. All eyes on the 200 weekly moving average.
XRT (Retail) Signs of vitality left unless it breaks and closes under 56.75.
IBB (Biotechnology) Let's see what it's got over 122.45 or if it breaks 119.75.
SMH (Semiconductors) Held 33.80 and now needs to clear 34.60.
IYT (Transportation) Above 95.00 now. Conservatively want to see 94.25 hold.
USO (United States Oil Fund) Broke out of a several month channel. If holds 38.25, could see 39.75-40.00 next
PHO (Water Resources) Highest closing price since end of July.
Every day you'll be prepared to trade with:
