November 4, 2011
Mish's Daily
By Mish Schneider
Third consecutive Friday with inside days in all indexes. SPY and IWM held weekly and monthly moving averages. QQQ had a Doji day at 57.80. All filled gaps and at this point, look firm. Still very much a "watch which sector/group" pops or poops" type market.
Energy, Semiconductors, Technology, Retail, and Brazil all have potential. IYR (Real Estate) is a wild card. China, biotechnology, financials and Metals look most vulnerable should market selloff.
SPY: 127.50 the 200 DMA next big area. 123.50 support
IWM: 77.75 the 200 DMA with 73.45 (Friday low 73.55) support to hold
QQQ: Held 57.50. Back to a possible stab at the July high fever unless 56.40 breaks on a closing basis.
ETFs:
GLD Narrow range, inside day. Almost filled the gap up to 172.20. 168.20 the 50 DMA to hold now.
SLV (Silver) Bear phase. Back under 32.80 trouble.
EWZ* (Brazil) Over 62.60 looks good
XLF (Financials) Watch 13.10 to hold and a move back above 13.40 encouraging.
XRT (Retail) Continues to reign as sector/group most congenial and not so bad looking either.
SMH (Semiconductors) Often a leader along with XLK (Technology)
IBB (Biotechnology) Important that 95.20 holds.
OIH (Oil Service Holders) Barely made the close over the 200 weekly moving average. Like to see 126.55 hold up.
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