December 22, 2013
Mish's Daily
By Mish Schneider
The hardest thing for an active trader to do is leave a thriving bull market for a vacation where sitting on a beach or touring a museum bores in comparison. However, this active trader knows that the market is always here, doesn’t really care about any individual trader, therefore it behooves one to take a rest from time to time.
With that said, this will be my final daily commentary until we begin the New Year on January 2nd, 2014.
The week ended with small caps taking out the 2013 highs. Semiconductors ended on new highs with better than decent rallies in some of the lagging groups (Oil and Gas Exploration), while others continue to lackluster (Real Estate for example.) Otherwise, soft commodities like sugar appear to be bottoming, and some country ETFs, particularly India, changed to a more positive phase.
Typically, the final trading week of the year stays within the expected phase (bullish) in the indices, albeit with low volume. Henceforth, I leave all in good shape as we look forward to an amazing 2014.
Happy Holidays to all and a very Healthy and Happy New Year!
S&P 500 (SPY) Intraday, ticked above the 2013 highs but closed just shy of the 2013 highest closing price.
Russell 2000 (IWM) New 2013 highs!
Dow (DIA) Weird little inverted hammer candle bar, but still-all good!
Nasdaq (QQQ) Closed on new highs. 90.00 not out of the question, but doubtful we will see that next week
XLF (Financials) 21.67 the 2013 high-but closed down at 21.60
SMH (Semiconductors) New highs and best news? Not overbought at all
XRT (Retail) Has to clear 87.34 to continue the up move
IYT (Transportation) 130.78 the 2013 high
IBB (Biotechnology) Cleared 220 and closed really well
IYR (Real Estate) 2 inside days-perhaps the most interesting place to be on Monday for a break either way of the range
XHB (Homebuilders) Looks good for 2014
GLD Digested the down move on Friday
USO (US Oil Fund) Confirmed accumulation phase with an inside day-another place to watch
OIH (Oil Services) Coming back but still lagging
XLE (Energy) Has to clear 87.04 to keep going
XOP (Oil and Gas Exploration) Moment of truth against the 50 DMA
TBT (Ultrashort Lehman 20+ Year Treasuries) Interesting that TLTs popped back up-however, the 50 DMA is what really counts
IFN (India Fund) Long term friendly
EWG (Germany) New highs
FXI (China) Inside day and a weak close overall
EWW (Mexico) Key resistance just overhead and if clears, good for this country ETF
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