March 4, 2014
Mish's Daily
By Mish Schneider
To The Tune of Up, Up and Away by Jimmy L. Webb
Gap, Gap and Away,
With An Awesome Volume Surge
SPY A Nicer Place
In A Beautiful Balloon
For It Can Fly..Fllllllyyyyyy
Gap, Gap and Away!
S&P 500 (SPY) New high everything with an accumulation day in volume-are we concerned about a blow off rally mentioned 2 weeks ago? Darn right we are.
Russell 2000 (IWM) The blow off rally potential is more evident here after new highs and double the average daily volume. Watch for it.
Dow (DIA) Then there is the Dow, still has miles to catch up or not
Nasdaq (QQQ) New high close but not new highs
XLF (Financials) The theory of buy the weaker sister when the market reverses was evident here today. Back to an unconfirmed bullish phase
SMH (Semiconductors) New highs
IYT (Transportation) Still has a gap to fill to 134.58
IBB (Biotechnology) Did better but no wow factor
XRT (Retail) Opportunity knocked here as well. Now, 2014 high is 88.26
IYR (Real Estate) Knew this wasn’t done yet
XHB (Homebuilders) Impressive if 34.27 clears
GLD Gapped lower leaving a potential island top
USO (US Oil Fund) Like GLD, a potential island top
OIH (Oil Services) Has to clear 49.00
XLE (Energy) Has to clear 88.48 once and for all
XOP (Oil and Gas Exploration) Moved off the hammer candle close well and now has to clear 71.27
TBT (Ultrashort Lehman 20+ Year Treasuries) Rule # something or other-never short an oversold instrument.
UUP (Dollar Bull) Confirmed brick wal bottom
FXI (China Large Cap Fund) Seems that emerging markets not as convinced about the US rally
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