September 25, 2013
Mish's Daily
By Mish Schneider
I wish I had some amazing words of wisdom other than repeating what I have been already saying since the peak high last week. The small caps continue to try the hardest coming really, really close to the 2013 highs before retreating end of day. The Dow has now entered into an unconfirmed warning phase as it was closest to the 50 DMA and like a magnet, found it undeniably and uncontrollably attractive. The sectors and groups are busy correcting; the rates are dropping and the emerging market ETFs are hanging tough. There are the overachievers outperforming and the underachievers taking it real hard on the chin. Here’s something-the VXX-could be time to look at this archaic instrument as it seems to have matched the peak highs with a possible peak low.
S&P 500 (SPY) Law of attraction looks like the 50 DMA is getting closer. That would change if it clears 170.50
Russell 2000 (IWM) 105.80 better hold or our hope will greatly diminish.
Nasdaq (QQQ) Such an orderly correction but a correction nonetheless unless it clears 79.00
ETFs:
SMH (Semiconductors) Acting like the new IBB by barely moving
XRT (Retail) Not a pretty candle, but holding the fast moving average
IYT (Transportation) Predicts this sees the 50 DMA real soon
IBB (Biotechnology) As the queen bee, she seems to be running low on worker bees
IYR (Real Estate) Held 63.85 but so what til it gets back over the 50 DMA
XHB (Homebuilders) Inside day
USO (US Oil Fund)August low 36.35 getting close
OIH (Oil Services)47.00 area of support
XLE (Energy) Topping candle from last week still a factor
XOP (Oil and Gas Exploration) Has to clear 66.80 now
TBT (Ultrashort Lehman 20+ Year Treasuries) TLTs keep it rocking
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