March 6, 2013
Mish's Daily
By Mish Schneider
Dow makes another new high but on pretty light volume and without the cooperation of NASDAQ. Is AAPL the culprit there or is the market once again, in for another major rotation of the industry groups? The Russell 2000 or small caps failed to take out 92.68 the high from 2/20 once again. That remains the main concern for now for a sustained move. However, today was more of a low volume albeit high priced digestion day all around. And, it seems we may be in for more of the same Thursday as the market waits for the jobs report before the open Friday.
S&P 500 (SPY) 2007 peak high 157.52 with 153.28 now good point to hold
Russell 2000 (IWM) Big eyes remain here
Dow (DIA) New highs and a bit overbought but dips look good unless breaks 140.25
NASDAQ 100 (QQQ) If breaks today's low perhaps reason to be concerned, but a bit of correction to 67.75 not too damaging
GLD So far, holding the low from 2/20 with a good bounce today
XLF (Financials) DOJI on new multi-year highs-overall, still looks like higher prices in store
IBB (Biotechnology) Wow
SMH (Semiconductors): Now it's all about 36.00
XRT (Retail) 68.96 the highs could not clear and then a close in the red. Here is where we begin to possibly see some rotation out of this group.
IYT (Transportation) Was looking for 110 got to 110.31.
IYR (Real Estate) Can't say today was a top, but we cannot ignore a bearish engulfing pattern either. And it was a distribution day in volume. Caution in this group too.
OIH (Oil Services) Held the 50 DMA.
XLE (Energy) Subs: 78.72 is the point to clear then could go the way of the other groups that have rallied big
TBT (Ultrashort Lehman 20+ Year Treasuries) Unconfirmed phase change to bullish
XHB (Homebuilders) Took out the 2013 highs intraday but closed beneath. And with good volume so eyes here for possible reversal.
UUP (Dollar Bull) Getting closer to a major weekly moving average.
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