June 27, 2012
Mish's Daily
By Mish Schneider
Low volume rally and right to the fast moving average in S&P 500, NASDAQ 100, and the Dow Jones Industrial Average or the "spring rate" from my shock absorber analogy Tuesday. Only Russell 2000 (the one that hung onto the 200 DMA for dear life), crossed the fast moving average as best performer. Note: Tweeted the entry in X and a partial exit up 6%.
S&P 500 (SPY) 133.56 Resistance 132.60 should act as support if market is to hold up here
Russell 2000 (IWM) 77.00 area now the fast moving average. If holds from here, could get interesting as 78 is a big point to clear
Dow (DIA) 128.45 resistance and Wednesday low good if holds
NASDAQ 100 (QQQ) 63.11 fast moving average to penetrate and like to see today's low hold.
ETFs:
GLD Pretty dull
XLF (Financials) Back over the weekly moving averages and very healthy if stays here
IBB (Biotechnology) New highs, again
XRT (Retail) Way underperformed. Have been negative in this sector. Unless clears 57.80, first place to go if market rolls over
IYT (Transportation) 89.50 to hold now that is began to clear away from the 200 DMA
IYR (Real Estate) Acting well, but really needs to clear the 50 DMA
USO (US Oil Fund) Overall negative and now that it had a bit of a rally, will look for a new short opportunity
XLE (Energy) Rallied to resistance, but looks better than oil
TBT (Ultrashort Lehman 20+ Year Treasuries) TLT hammer candle followed by a DOJI and resting on the fast moving average.
Every day you'll be prepared to trade with:
