January 11, 2013
Mish's Daily
By Mish Schneider
The financial sector resumed the lead and my dear friend semiconductors (if you follow the ETFs I write about, you know I have tracked this carefully), also busted out. One last little nagging indicator would like to see join the party and that is NASDAQ. AAPL has been all over the map, but it's QQQs that over last week's high, should get sidelined investors back in. Volume, although better today, is still well below the average daily since this year began.
S&P 500 (SPY) 146 was the magic number. Next resistance goes back to September at 148.11.
Russell 2000 (IWM) Took a bit of breather which is well deserved since it has done its job since late November
Dow (DIA) Has a small gap from October to fill at 135. Like to see 133.90 hold
NASDAQ 100 (QQQ) Has to clear 67.34 last week's high and hold now around 66.70.
ETFs:
GLD Cleared the 200 DMA but question remains on whether or not it stays here.
XLF (Financials) Today was indeed decisive with a move over 17.09 and now looking like 17.20 is next with 20 the ultimate target.
IBB (Biotechnology) Now overbought on the daily RSI
SMH (Semiconductors) If you followed the range break after an inside day, you got long and went home happy. Now, 34.00, a nagging point of resistance for a year, is the "somewhere over the rainbow" to clear
XRT (Retail) Held the 50 DMA so for now, will show if this can run with the market, or give a new opportunity to short
IYT (Transportation) 101 here we go
IYR (Real Estate) Top of a long ascending channel. Could see more if takes out today's high
USO (US Oil Fund) Tried hard but did not succeed in closing above the 200 DMA.
XLE (Energy) 73.89 is the next resistance
TBT (Ultrashort Lehman 20+ Year Treasuries) Wrote a dip to 65.12 was a buy opportunity earlier this week.
DVY (Select Dividend Index) 58.90 last week's high
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