June 5, 2012
Mish's Daily
By Mish Schneider
Monday, Emini S&P continuous contract @ES, closed above the 200 DMA. Tuesday, S&P 500 (SPY) did on low volume. DOW (DIA) and Russell 2000 (IWM) did not and still have a distance to go to test it. NASDAQ 100 (QQQ) is holding the 200 DMA and now must take out last Friday's high to continue, or will prove to be an anemic bounce at best.
Dow (DIA) Need a move over 121.45 to see 122.45 or not so impressed
ETFs:
GLD Two inside days-compression.
XLF (Financials) Nice bullish engulfing pattern after testing and holding the new 2012 low 13.30. 13.77 is the 200 DMA. Now like to see 13.50 hold.
IBB (Biotechnology) Look to see if can take out Friday high.
SMH (Semiconductors) Look to see if can take out Friday high.
XRT (Retail) Like to see 57.00 hold.
IYT (Transportation) Inside day
IYR (Real Estate) Like to see 60.00 hold
USO (US Oil Fund) Holding 2 year lows. Now has to clear 31.87
Every day you'll be prepared to trade with:
