June 12, 2012
Mish's Daily
By Mish Schneider
The fast moving averages were next up as support and all held. After a lot of buzz concerning the bearish engulfing patterns that developed Monday, the relevance of those patterns matter mainly if they occur at swing highs or lows. Therefore, market remains at a midpoint- in a warning phase, still vulnerable, yet with the longer term uptrend intact. Lots of noise in between.
S&P 500 (SPY) Accumulation Day in volume
Russell 2000 (IWM) Back over the 200 DMA which would like to see hold.
Dow (DIA) Inside day.
NASDAQ 100 (QQQ) Like to see 62.87 clear then 5/29 high on a closing basis or still vulnerable
ETFs:
XLF (Financials) I sure would be happy to see a weekly close over 14.30 if 13.80 holds up.
IBB (Biotechnology) Back over the 50 DMA with twin red candles to compete with and clear
SMH (Semiconductors) Pushing up against the 200 DMA
XRT (Retail) Inside day which means follow the way the range breaks up or down
IYR (Real Estate) 60.00 is support. Needs a close over the 50 DMA for any chance of a recovery
XLE (Energy) Inside day.
TBT (Ultrashort Lehman 20+ Year Treasuries) Watch for move over 16.12 as good sign for market
Every day you'll be prepared to trade with:
