February 24, 2012
Mish's Daily
By Mish Schneider
When Biotechnology (IBB) corrected, Commodities (GLD USO) took the lead. With Commodities still in favor (although ultimately begging for an interest rate hike which could take the kibosh out of this run) Biotechs led the charge again. Other sectors followed in suit. Now, it's up to Real Estate (IYR) and Financials (XLF) to hang tough for more upside.
S&P 500 (SPY) A nice accumulation day in volume. Back to positive pivots with 137.05 recent high
NASDAQ (QQQ) A weekly close over 63.89 and all scary candles for now go back into storage.
Russells 2000 (IWM) Aha! I knew I loved that 81.00 level. 83.33 its recent high.
ETFs:
GLD keep trailing up those stops.
XLF (Financials) The 200 weekly moving average is RIGHT THERE! A close above-reversal of 5 year trend.
IBB (Biotechnology) Love when the numbers work so well! Stopped at the 10 DMA-a gap over today's high, real nice. Otherwise, a hold of today's low important.
SMH (Semiconductors) Held last week's low (34.10). Ended with a DOJI and over today's high-go for it!
IYT (Transportation) Back over the 50 DMA and want to see it stay there.
IYR (Real Estate) Counting on this sector, especially with new home sales number coming out higher.
IJR (Small Cap 600 Index) Could be forming a new base to blast off from with all time high 76.69
MOO (Market Vectors-Agribusiness) Like to see 52.70 hold.
TBT (Ultrashort 20+ Year Treasury Bonds) I can't leave this alone since I am still looking at that island bottom. Perhaps I should just wait for 19.90 and be done with it.
Every day you'll be prepared to trade with:
