December 20, 2013
Mish's Daily
By Mish Schneider
Who doesn’t love a good headline? Dow Makes Another New High! But, headlines are sound bites. Sound bites catch attention. And attention is something better paid to the upcoming holiday season right now.
End of year tax selling, lack of participation along with a mixed picture in sectors and groups, i.e. Oil and Gas Exploration and US Oil Fund up, pretty much everything else down, makes for very little reward and a whole lotta frustration.
So, deck the halls, let it snow, roast some chestnuts, find some mistletoe-trading? Leave that to Rudolf!
S&P 500 (SPY) Inside day near the highs
Russell 2000 (IWM) Inside Day and not near the high
Dow (DIA) New highs-hence, the headline
Nasdaq (QQQ) Inside day close but not close enough to the highs
XLF (Financials) 21.64 the 2013 high-still
SMH (Semiconductors) 42.00 the highs –inside day
XRT (Retail) Inside day and holding over the 50 DMA
IYT (Transportation) Inside day
IBB (Biotechnology) Over 220 would help here
IYR (Real Estate) Inside day back under a channel line
XHB (Homebuilders) Inside day well placed
GLD New lows-been bearish for quite some time
USO (US Oil Fund) Cleared 35.25 with an unconfirmed accumulation phase
XLE (Energy) Has to clear 87.04 to keep going
XOP (Oil and Gas Exploration) Better if holds 66.00
TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day
UUP (Dollar Bull) 21.63 the 50 DMA to hold
IFN (India Fund) Like over 20.45
EWG (Germany) Inside day
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