Waiting to Exhale $SPY $IWM $QQQ $DIA

March 13, 2013

Mish's Daily

By Mish Schneider

After the warning on the small caps yesterday, for a while on Tuesday it seemed like the market was in for a big correction. But, keeping with the Russell 2000, it closed down marginally but with a doji day which means lots of investors are holding their breath. Money rotated into some commodities today as rates dropped. Although good to follow the money, stepping back, the scenario does look likely for rates to firm more. But, it would be advisable to see how this plays out before jumping back into short bonds.

S&P 500 (SPY) 154 the support area with the 2007 high still in gear 157.52

Russell 2000 (IWM) 92.68 was the brick wall high that cleared last week. That is first area of support with 93.75 the wall to cross.

Dow (DIA) Held up the best, closed green and is really overbought.

NASDAQ 100 (QQQ) AAPL was a one day wonder therefore NASDAQ traded in its new sideways range 69.00 high to 68.00 low

GLD 153.50 is the support to watch for a hold or break with 156 next resistance

XLF (Financials) Inside day.

IBB (Biotechnology) This group not only surprised me once; it continues to do so

SMH (Semiconductors) Now it's all about 36.00

XRT (Retail) Taking a sideways rest

IYT (Transportation) Through 110, who can argue?

IYR (Real Estate) Tested and held the fast moving average. Above today's high would be a good sign and below today's low more reasons for concern.

USO (US Oil Fund) Gapped higher but failed to close above the 200 DMA

OIH (Oil Services) Mainly I see a sloppy chart

XLE (Energy) Has to clear the top in place form early February.

TBT (Ultrashort Lehman 20+ Year Treasuries) A move down to 67.00 would be a very tempting area to buy.

XHB (Homebuilders) Closed under 29.52 the February high. If holds 29.00 and crossed back above the old high, good sign

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