January 12, 2012
Mish's Daily
By Mish Schneider
I'm not sure what's harder-trying to come up with something new and clever to write every night, or staying awake long enough to write anything!
S &P 500 (SPY) Had an accumulation day in volume (amazing, huh?). Some people see a hangman candle; others see a DOJI. Still not putting much credence into the RSI since with some decent volume, this rally could catch a lot of investors sidelined by surprise.
Russells 2000 (IWM) Also an accumulation day in volume. 76.97 last swing high on 10/27/11. Like to see that clear. 75.90-like to see that hold
NASDQ (QQQ) Clearly with GOOG and AAPL earnings coming up, major commitment is lacking.
ETFs:
GLD Unless this clears 163.19, I'm staying sidelined looking for a short opportunity.
XRT (Retail) I'm beginning to love this wedge forming. Timing of course is key.
XLF (Financials) Got to the 200 DMA. Some key earnings coming up in Prudential, JP Morgan, Citibank, etc.
IYR (Real Estate) Inside day. 57.89 the point to clear.
IBB (Biotechnology) Exactly my point about how something overbought can get more overbought when the chart is set up.
SMH (Semiconductors) 32.74 11/16 high. I always like to see this sector in the game. Looking for it to stay there.
XLE (Energy) From a test over the 200 DMA to a failure of it, followed by a move down to the 50 DMA-just like that. How much does the market need this sector in the game? Is this the new trend for 2012-short commodities?
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