January 31, 2012
Mish's Daily
By Mish Schneider
Now that there is the official Golden Cross in the S&P 500 (SPY), we also have to note the two distribution days in volume (a lower close on higher volume than on the preceding day). Furthermore, the volume is light-below the average daily. Amazingly, the question of whether or not the high from last week was indeed the high or this is just some good old digestion near the highs readying for more upside-right now, I simply dunno!
Russells 2000 (IWM) Second test and hold of the 10 DMA now at 78.72. Provided 78.50 area holds, see 81.00 target on the table.
NASDQ (QQQ) Took out last week's high intraday and then closed in the middle of the intraday range. I'm asking myself if AAPL can hold up the market much longer?
ETFs:
GLD 175.50-176.50 not unrealistic unless it breaks 167.05.
XLF (Financials) 13.85-14.05 would venture to say is a trading range and one to follow whichever way it breaks.
XRT (Retail) Weak sector on the board today. Closed beneath the previous day low after an inside day which makes the case for more correction unless it takes out today's high.
IBB (Biotechnology) Needs to be the first kid on the block to take out the recent high 116.76 to keep the neighborhood cheerful.
IYT (Transportation) 97.00 still in the cards.
TLT (20+ Year Treasury Bonds) 123-124 target.
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