Archives: Mish's Daily

Transportation Sector Rollin’ Down the Bend

Mish Schneider | October 17, 2019

The Zacks Transportation Sector houses airlines, railroads, shippers and truckers to name a few. Earnings on many of the biggest names in that sector are happening now and throughout next week. For example, J.B. Hunt and United Airlines reported already. Both stocks have jumped in price and are now digesting those gains. CSX Corp reported too. That stock also jumped in price but remains under the 200 daily moving average and resistance. That makes me wonder about

Should We Build a Monument to Today’s Rally?

Mish Schneider | October 15, 2019

In 1881, upon entering the Baltimore and Potomac Railroad station, Garfiled was shot at point-blank range. He was president for a very short time. The Garfield Monument sits on the edge of the Totlec Gorge between Alamosa and Chama in New Mexico. It was erected by members of the National Association of General Passenger and Ticket Agents. We took the train ride over the weekend, hence the photo. I was struck by what seemed to

Highlights from Sunday’s Market Comments

Mish Schneider | October 14, 2019

Quiet holiday trading prevailed. The Russell 2000 IWM had a narrow trading day and an inside day. Yields fell and the metals rose. The key trading levels from Friday are pretty much the same. The charts of the Economic Modern Family are on a weekly timeframe. A perfect inflection point for Monday, IWM remains priced under the 50-WMA (blue). Regional Banks KRE, still trades under both the 50 and 200-WMAs Transportation IYT remains under the

Stock Market Theme-Collect $300 or Go Directly to Jail

Mish Schneider | October 13, 2019

Please forgive the XXX rated version of the game Monopoly. This stuck out in immediate reach on our shelf, while the Monopoly game sits somewhere hidden in a closet. Before you jump to all kinds of conclusions-this game was a gift. A fun one at that. The idea though, is that the market feels like an X rated version of Monopoly. Only, instead of buying and trading properties, we are buying and trading headlines. Buy

Salmon on Ice; Is it Time to Buy China & Sell the U.S.?

Mish Schneider | October 10, 2019

I had this crazy dream last night. I dreamed I was a salmon swimming against the tide. Only along the way, a giant fishing net scooped me up, put me on ice and sent me to a fish market for sale to the highest bidder. Maybe this has nothing to do with today’s theme. Yet, after I awoke, my next thought was whether it was time for a hedge trade. I dunno. Maybe swimming against

Indexes and Sector Levels Only

Mish Schneider | October 9, 2019

Thus far, an inside trading week (or prices within last week’s trading range) prevails. S&P 500 (SPY) 290 now pivotal support with 293.40 the overhead 50-DMA resistance Russell 2000 (IWM) Inside day. 146 key support with 149 overhead resistance Dow (DIA) 264.50-265 resistance with 260 closest support Nasdaq (QQQ) 185 support. 188.24 resistance KRE (Regional Banks) 50.00 support 51.45 resistance SMH (Semiconductors) 118 now pivotal support with 119.62 then 120.50 resistance IYT (Transportation) 175 the

China’s Blacklisted Stocks: A Different Modern Family

Mish Schneider | October 8, 2019

Yesterday we took an in depth look into Semiconductors and the question of “is SMH offering us flowers, but with poison thorns?” Our conclusions was “For actionable information, should SMH break under 118, that is a minor breakdown. A move under 115 is a major breakdown. Not only does that break the higher lows pattern, it also breaks the 50-DMA and very likely the spine of our dear sister.” Timely blog as today, SMH fell

Beware of Sister Semiconductors Bearing Gifts

Mish Schneider | October 7, 2019

October has begun as choppy, volatile and news-driven month in its short history of one week. Actually, I use the word “news” loosely. Think tweet-driven. The leader of the Economic Modern Family and the overall market has been our sister Semiconductors. After the big decline at the end of 2018, SMH was one of the first sectors to retake the key moving averages on the daily chart. Since then, with the shallower decline in May

The Economic Modern Family and Their Kitten Bounce

Mish Schneider | October 6, 2019

The photo was taken by a friend of ours, who unexpectedly had a feral cat deliver these kittens in his garage. He’s now the proud daddy. Typically called the dead cat bounce, for our purposes, we are calling this the Kitten Bounce. That makes more sense to us right now. For starters, Nasdaq 100 went back into an unconfirmed bullish phase. Not surprising as last week’s Daily mentioned that the QQQs were “The best looking

Did the Market Bottom or Bounce?

Mish Schneider | October 3, 2019

This morning, the ISM report initiated a rapid sell off. With a relatively healthy bounce back throughout the day the question is: bottom or short term bounce? The indices will give us a better view of the broader picture. Before we go to the levels, please note that yesterday’s Daily on MJ, the cannabis ETF was timely. Today, MJ rallied nearly 4%. Get your copy of "Plant Your Money Tree: A Guide to Growing Your