February 13, 2014
Mish's Daily
By Mish Schneider
Sid Caesar R.I.P.
In the continuing saga of the Dow and the Russell 2000s, they remain in warning phases. NASDAQ made new 2014 highs early on, ten closed just below it although once again, eked out a new high close.
The S&P 500 confirmed the bullish phase. Volume all around did not impact the picture. Best we can say right now is a healthy digestion of the stronger instruments, with the weaker ones not out of the ballpark, but far from looking like a grand slam.
S&P 500 (SPY) 181.00 the 50 DMA now key to hold.
Russell 2000 (IWM) 113.07 the 50 DMA or, quick drop to 110.80 if turns over
Dow (DIA) 160.7o the 50 DMA-like to see it clear and not ruling out that possibility-otherwise, see quick drop to 156.80
Nasdaq (QQQ) Doji day (opening and closing prices basically the same-pause at new highs
XLF (Financials) Confirmed phase change to bullish by the skin of its teeth
SMH (Semiconductors) I’d be taking profits if you took the buy early last week-a bit overbought
IYT (Transportation) Interesting inside day just under the 50 DMA-good focus for tomorrow
IBB (Biotechnology) New highs, again
XRT (Retail) If breaks 80.55 not looking good. But, over the 200 DMA with some volume, much better
IYR (Real Estate) Inside day digestion
XHB (Homebuilders) Confirmed bullish phase
GLD A bit overbought
USO (US Oil Fund) Possible reversal from the high today-needs to defend the 200 DMA
OIH (Oil Services) Broke back under the 50 DMA yet above the 200 DMA
XOP (Oil and Gas Exploration) Popped back over the 50 DMA
TBT (Ultrashort Lehman 20+ Year Treasuries) Looking for 73.25-74.00
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