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November 24, 2015
By Mish Schneider
My Jewish Grandmother (real one, not Granny Retail) would be so proud of me! Not too impressed with my chosen career in finance, she would have preferred that I become a doctor. (Truth be told, she really hoped I‘d marry a doctor.)
And now, as a make-believe Concierge Doctor, it seems I have successfully diagnosed and made real prescribed progress towards the wellbeing for several of the Modern Family members.
Granddad Russell 2000 (IWM) hurdled with all he’s got clearing the 100 DMA. Remember though the trifecta of resistance between 118.50 and 119.50? Looking more plausible to clear now provided IWM continues to keep hypertension at bay.
Of course, external factors that cannot be controlled, such as volatile and hostile world events can send Granddad’s pressure rising. That’s precisely why we most note risk/reward on all trades, and consider trading in a more active timeframe-day to miniswing.
My other Grandmother, Granny Retail (XRT) had a pain free day. Last week, I began exploring the possible double bottom. Apparently, I wasn’t alone as call option buying poured into the ETF.
Now, XRT is pushing against several major moving averages at an interesting time-ahead of Black Friday. With a shopping trip planned to visit some of my favorite chains-Michael Kors (KORS), Kohl’s (KSS) and Under Armour (UA), if XRT’s arthritis doesn’t flare up, we can expect follow through momentum.
XRT’s 50 DMA is at 45.29, the 65-week at 47.17 and 23-month 45.42.
As far as the other members of the Family (SMH, IBB, KRE and IYT), I have particular eyes on Biotechnology. With Pernicious Anemia, how well IBB absorbs B-12 remains a variable.
Unlike Granny, IBB is above the key weekly and monthly moving averages. However, on the daily chart, we want to see it hold 330 and clear, especially on a closing basis, 340.00.
Semiconductors are back over the 200 DMA (want to see a second day to confirm). Transportation is holding the 50 DMA (perfect test of that on Tuesday). And Regional Banks look poised to tackle its recent new 2015 highs.
A Concierge Doctor is always on call. Nevertheless, given how well my patients are doing, should all continue to go well, I will be thankful to hang up the stethoscope this Thanksgiving weekend.
S&P 500 (SPY) 213 big resistance, 210 pivotal and 206.50 big support
Russell 2000 (IWM) 117.20 now pivotal
Dow (DIA) Terror at 18k only 188 points away. 175 is the 65-week moving average to defend 179 resistance to clear
Nasdaq (QQQ) 112.80 pivotal and over 115.47 takes it to new highs
XLF (Financials) If holds 24.25 good and must clear 24.97
KRE (Regional Banks) 44.80 pivotal 45.21 good to clear with 46 even better
SMH (Semiconductors) 54.22 pivotal. Over 55.15 better
IYT (Transportation) 145.50 the big support and 150.96 the big overhead resistance
IBB (Biotechnology) 340 resistance, 329 pivotal and 349 big guns 200 DMA
IYR (Real Estate) Stopped just under the resistance at 75.27 the 20O DMA with 74 support
ITB (US Home Construction) now a breakeven stop at 27.70 level is good
GLD (Gold Trust) A move over 103 would be a relief with 104 even better
SLV (Silver) Under 13.40 trouble. Over 13.80 way better
GDX (Gold Miners) Over 14.00 best
USO (US Oil Fund) Now want to see 13 hold and this clear 13.50
OIH (Oil Services) Been in a range since early October-it’s getting ready to do something
XLE (Energy) Same as with OIH
XOP (Oil and Gas Exploration) Same as with XLE and OIH-even more compressed so drawn to this one
TAN (Guggenheim Solar Energy) Cleared 26.50 which now should hold
TLT (iShares 20+ Year Treasuries) Has some real overhead resistance between 121-122
UUP (Dollar Bull) Over 25.95 should continue higher
EEM (Emerging Markets) Like this if clears 35.20