Creeping back into overbought conditions, the S&P 500 continues its sort of bizarre looking sideways with moments of upside, overall incline. NASDAQ is holding the top of its one month consolidation, although without much cooperation from AAPL, turning out to be the dud of the first quarter 2013. The small caps have been the clearest so far and remain so although they too are inching into overbought territory. All in all, the more traders try to pick the top, the less chance it will happen anytime soon. Besides, past issues of this daily have spelled out how to detect a market top. A market overbought can always get more overbought.
S&P 500 (SPY) Dips remain buy opportunities until something extraordinary happens Subs: Positive Pivots
Russell 2000 (IWM) Subs: Pivots Positive
Dow (DIA) Looks like it has a lot more potential
NASDAQ 100 (QQQ) The anomaly of the 2013 rally. Bullish phase. Lots of room. 67.63 was gap low from 02/08 to hold. Subs: Pivots Negative
GLD Held the December low on this dump with a decent comeback. Subs: Always watching for island bottoms and its possible although no signs of one yet
XLF (Financials) Leader and looking like even with its starts and stops, on the way to 19.95 area
IBB (Biotechnology) Now, even more convinced this could still run up, but this sector had its year last year.
SMH (Semiconductors): How do I love thee? Subs: Watch that 10 year consolidation as we are approaching the highs
XRT (Retail) Kind of funky candle here. Subs: Under today's low and S1 line up.
IYT (Transportation) Inside day and not done yet to the upside Subs: Through a 6 year channel so no reason not to believe we can see much more upside this year
IYR (Real Estate) Impressive run to new multi-year highs. Subs: An OR reversal would be a good low risk buy
USO (US Oil Fund) Subs: Improved in condition. 35.08 the 10 DMA for it to defend. Looks good again
OIH (Oil Services) Subs: Over 43.78 takes out the 80 monthly moving average and a lot of recent resistance
XLE (Energy) Subs: Would follow this long over 78.60. Now, the 10 DMA has to hold at 77.94
TBT (Ultrashort Lehman 20+ Year Treasuries) The last 7 trading days have all been within the range of the big trading range made on February 1st. Subs: Today's low a good risk as this could be setting up for a new long
DVY (Select Dividend Index) Slow but steady winning this race
XOP (Oil and Gas Exploration) Subs: If today's low holds, great correction with good risk to reenter long. Will watch carefully
XHB (Homebuilders)
UUP (Dollar Bull) Tested the 50 DMA. Interesting to see if it can hold now at today's low for a possible bottom
