February 17, 2013
Mish's Daily
By Mish Schneider
Is there a more creative way to say drift and grind? That is the theme from last week. At the end of the day, S&P 500 and NASDAQ went sideways, Russells firmed a bit and the DOW lagged. The indexes had little in the way of follow through up or down leaving the best trading in certain equities-some flew, others crashed. Stock pickers had some fun. Sectors and groups had head fakes galore. Uptrend intact, but with a bumpier ride.
S&P 500 (SPY) 151.50 is a good number to defend once the week starts, otherwise, some correction likely.
Russell 2000 (IWM) This index is hard to buy up here, with underlying support at 90.75
Dow (DIA) Broke the fast moving average with138.30 a good level of support to defend
NASDAQ 100 (QQQ) Bullish phase. 67.55 support to hold.
GLD Significantly oversold on the daily Relative Strength Indicator
XLF (Financials) Looking like even with its starts and stops, on the way to 19.95 area. But a correction is not out of the question.
IBB (Biotechnology) Sideways and Inside day.
SMH (Semiconductors) 36.17 the 2012 high. 34.70 underlying support.
XRT (Retail) Looked like it was well on the way to new highs when it broke hard midday closing on the fast moving average. 67.60 now pivotal.
IYT (Transportation) Made new highs, then closed just beneath the highs from Wednesday and Thursday. This suggests a correction is possible and a buy on strength a bit risky
IYR (Real Estate) Held the fast moving average with Friday's low.
OIH (Oil Services) Inside day
TBT (Ultrashort Lehman 20+ Year Treasuries) The last 10 trading days have all been within the range of the big trading range made on February 1st.
Every day you'll be prepared to trade with:
