February 13, 2013
Mish's Daily
By Mish Schneider
Quiet session with divergence as all but the DOW close green and only marginally at that. S&P did not close in the bottom 25% of the intraday range after making new highs; nor did NASDAQ or the Russells. In fact, Russells closed near new highs! Market felt like it was nursing a hangover after the State of the Union Address. Really, I have no idea what that means, but this was definitely a day the market seemed to be sleeping something off. Internals remain strong, trend intact-and true to form-dips buy opportunities. Happy Valentine's Day!
S&P 500 (SPY) 151.20 area is big support
Russell 2000 (IWM) As the indexes fluctuate and look extended, many stocks continue to set up. This index is hard to buy up here, but sure a healthy sign regardless
Dow (DIA) Ping pong match with the fast moving average the table it's bouncing off of.
NASDAQ 100 (QQQ) The anomaly of the 2013 rally. Bullish phase. Lots of room. 67.63 was gap low from 02/08 to hold.
GLD Holding the December low so far
XLF (Financials) Looking like even with its starts and stops, on the way to 19.95 area
IBB (Biotechnology) Now, even more convinced this could still run up, but this sector had its year last year.
SMH (Semiconductors): 36.17 the 2012 high
XRT (Retail) Held Tuesday low on the close after breaking it. Not certain if this means renewed strength, but tomorrow should elucidate
OIH (Oil Services) Returned over the fast moving average
XLE (Energy) New highs Subs: Wanted to follow this long over 78.60. But action was choppy. Looks good and now watch for reversal
TBT (Ultrashort Lehman 20+ Year Treasuries) The last 8 trading days have all been within the range of the big trading range made on February 1st.
UUP (Dollar Bull) Tested the 50 DMA. Interesting to see if it can hold now at today's low for a possible bottom. Inside day
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