The Price is Right! $SPY $QQQ $IWM $DIA

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Looking at our indicators, S&P 500 long term remains in great shape yet still shows shorter term as overdone. NASDAQ shows longer term not as strong as SPY, but on the shorter-term, moderately positive. Another classic day of dips as buy opportunities and sector/group rotation. Volume all around light. Oil and energy were the big winners along with homebuilders.

S&P 500 (SPY) Another new high close post 2008. Not seeing any reasons to be worried. However, I read somewhere that this has been the most hated bull market. I can see why. But, no signs of a top even with its overdone internals.

Russell 2000 (IWM) Inside day which is interesting since so many traders on the twitter stream today were sure this was indicating the end of the run. And still not terribly overbought.

Dow (DIA) Overbought yesterday after 4 big days up following the breakaway gap and overbought after 5 days up. Price matters more than relative strength indicators is the big lesson here

NASDAQ 100 (QQQ) Looks like a lot of sideways consolidation in a now improved bullish phase. Through 67.46 go with it.

ETFs:

GLD Touched and closed shy of the 200 DMA which means a gap up or down should dictate next direction up or down

XLF (Financials) A one day bearish engulfing pattern (yesterday's) is meaningless if it doesn't confirm Now, with an inside day, tomorrow's range should shed some light.

IBB (Biotechnology) Still underperforming relative to the other sectors, but holding the fast moving average.

SMH (Semiconductors) Like to see this hold 34.00 now

XRT (Retail) Looks pretty good over Friday high

IYT (Transportation) 3 Possible shooting stars-so eyes on to finally get out of our last piece. Today did not do it

IYR (Real Estate) Inside day

OIH (Oil Services) On fire

XLE (Energy) Cleared the 2012 high, now looking at 2011 high

TBT (Ultrashort Lehman 20+ Year Treasuries) Took our profits early, which ahead of the FED meeting might not be so bad. We shall see.

DVY (Select Dividend Index) 65.00 decent target

XOP (Oil and Gas Exploration) Good day for a re entry.

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