November 16, 2011
Mish's Daily
By Mish Schneider
“Break Up to Make Up, that’s all we do. First you love me then you hate me…” Game for fools? No-a market for either the extremely committed and patient or highly skilled and nimble.
Distribution Day in Volume. Third one since November 1st.
SPY: Phase and slope unchanged. 4-5 days over a 2-week period of distribution days and volume patterns begin to favor the bears (We have had 3). 122.80 next support. Above 127 would look good.
QQQ: I have been writing about the perturbing candle from11/08. Then, it tried but could not close above 58.25 which appeared as the number to negate the candle. Now, it broke the low over the last few days. But, until we get 1-2 closes under 55.80, accumulation phase intact.
IWM: Had a bit of time today over what looked like a good price until the news about Fitch reared its ugly head. Now, 70.00 support and 74.90 the new number to watch.
ETFs:
GLD* Doing a lot of work since it popped back over 170 and cannot get through 175. And that looks like the new and tighter trading range.
SLV (Silver) Until it closes over 34.45, still in bear phase.
XRT (Retail) Never crossed 53.75 then had the dramatic drop. 50.70 an area to watch.
SMH (Semiconductors) Hanging on as the best looking performer today. But, until it clears 32.75, we cannot dismiss a possible double top. But that would not be confirmed until 29.75.
XLF (Financials) Technical little bugger. 12.65 held and now key. 13.20 a better number to clear
XLE (Energy) Under 69 can see 66.00. Otherwise, not too interesting until it clears 72.50.
I am taking a break for the upcoming holiday. This is the last Daily until my return November 28th. Have a wonderful Thanksgiving and trade well!
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