The 50 Yard Dash $SPY $QQQ $IWM

February 29, 2012

Mish's Daily

By Mish Schneider

If you have not heard that the market closed above 13,000, you are the last to know and clearly have missed this rally not to mention many of the recent recommendations that fill this daily blog. Or maybe you are waiting for the correction-the one that happened through time not price. That is not to say that all cylinders are firing-market has some issues. But, many bright spots prevail!

S&P 500 (SPY) Still very low volume which means the blow off rally has not happened yet.

NASDAQ (QQQ) Another low volume day with lots of traders aside. Not sure I would be loading up in this group right now, but if been in since we first talked about the phase change at the start of 2012, congratulations!!

Russells 2000 (IWM) This is either hanging out giving traders ample time to get a clue and buy-or, it will be the kiss of death and the existing longs in other indexes will be unable to get to the exits fast enough. 83.33, its recent high, would see the last 3 weeks as good congestion for a move higher. If breaks, 81.00, the reverse.

ETFs:

GLD Caught its breath and did the 50 yard dash.

XLF (Financials) Perfect example of one I have consistently tracked from the buy side since the year began. It closed above 200 weekly moving average. But needs to end the week there.

XRT (Retail) Now in parabolic mode.

SMH (Semiconductors) Got clearance above 34.65.

IYT (Transportation) Inside day. Over today’s high, good follow.

IYR (Real Estate) Like this over today’s high 60.81 provided 60 continues to hold.

USO (United States Oil Fund) After Monday exit, now 2 days correction and considering it as such unless it breaks and closes under the 10 DMA.

XLE (Energy) 2 day correction but needs to clear today’s high to get a signal long.

MOO (Market Vectors-Agribusiness) Overall chart patterns continues to indicate potential for more upside.

TBT (Ultrashort 20+ Year Treasuries) Not sorry we exited last week, but now, interesting bullish candle. The 50 DMA 18.81 which needs to cross.