May 22, 2012
Mish's Daily
By Mish Schneider
This market can wear you out. This much I can tell you. The phase is strong warning. The number of stocks and ETFs that are in a bullish phase have decreased significantly. Bear phase stocks have already been beaten to a pulp. Volume is light and should get even lighter ahead of a long weekend in the US. And, reversal patterns on many instruments are for now, still intact.
S&P 500 (SPY) Actually eked out an accumulation day in volume!
Russell 2000 (IWM) Held the 200 DMA
Dow (DIA) Could not muster a rally to the fast moving average. 126.20 and over would be most encouraging. Otherwise, could be a bear flag forming.
NASDAQ 100 (QQQ) Unlike the others, did not get an accumulation day in price or volume-but at least no distribution day either
ETFs:
GLD Back to short once it broke under 153.10. Never underestimate the phase
XLF (Financials) Holding the 200 DMA. Would like to see 14.40 clear
IBB (Biotechnology) Confirmed bullish phase. Now has to clear the fast moving average and hold 122.65
SMH (Semiconductors) Inside and narrow range day.
XRT (Retail) If holds Tuesday's low and breaks the highs, good sign
IYT (Transportation) 91.00 is where it broke down from. Now, has to clear it again. Tuesday high 90.50
IYR (Real Estate) Weak warning phase but if cannot get more upside, will accelerate in strength.
USO (US Oil Fund) 34.43 Friday low
TBT (Ultrashort Lehman 20+ Year Treasuries) Hangman candle in TLT
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