October 3, 2012
Mish's Daily
By Mish Schneider
Feels like we are trading in a sequel of The Fast and the Furious. Fast moving average? The Furious 50 DMA? It's all good though since when markets digest near higher levels, generally, that is a good sign. Key is to not overinvest and stay flexible and frosty since when she blows, she will blow!
S&P 500 (SPY) Accumulation day and close over the fast moving average.
Russell 2000 (IWM) And then there's this-a distribution day in volume with an attempt but no go over the fast moving average.
Dow (DIA) Closed just shy of the fast moving average
NASDAQ 100 (QQQ) Tried but could not cross the fast moving average. Giving it A+ for effort though and for the accumulation day in volume
ETFs:
GLD 174 the area to clear and nice inside day
XLF (Financials) This closed well which means watch out bears.
IBB (Biotechnology) This does not take no for an answer
SMH (Semiconductors) Come on already. Over 32.00 looks good.
XRT (Retail) Inside day
OIH (Oil Services) Distribution phase unconfirmed and oversold
XLE (Energy) Another one living in the Fast and Furious zone.
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