Evening Watch for Feb. 15th 2012

Mish Schneider | February 14, 2012

Roses Have Thorns

S&P 500 (SPY) The 10 DMA still a good place to now hold.

Russell 2000 (IWM) Through 82.10 back in the game. 81.00 big support to hold.

NASDQ (QQQ) Another strong closing price (new high in a decade).  Watching the 10 DMA here as well 62.25.

ETFs:

GLD A gap open over 168.35 perhaps we will get excited.

XLF (Financials) Just about filled the gap and then closed over 14.55. Has some work to do to prove that it can eventually cross the 200 weekly moving average.

XRT (Retail) New high close. Watch the 10 DMA here as well.

IBB (Biotechnology) Let's see what it's got over 122.45 or if it breaks 119.75.

SMH (Semiconductors) Needs to clear 34.60.

IYT (Transportation) With only 1 day (yesterday) above 95.00, would like to see another close above at least 94.85.

USO (United States Oil Fund) Subs-Look for OR reversal on this. Then could see 39.75-40.00 next

PHO (Water Resources) If holds today's low, still poised for more upside

TBT (Ultrashort 20+ Year Treasury Bonds) The island bottom holding and a vestige of hope.

Longs: Will also look at how the market opens and hotscans for some of the recent picks that are setup well.

KSS Broke the 200 DMA for an unconfirmed phase change to Accumulation. Positive Pivots at 50.64 and now should hold the 200 DMA. Then, has hurdles, but could see 54.00. Day to Short-term Swing

LGF 2 inside days and 2 days under the FTP after the big move last week. 11.35 the FTP to cross then today' high. Risk 11.00. All time high in 2007 12.01. Day to Short-term Swing

PAY 2 inside days and must cross R1 46.32 which also clears today's high. Risk is 45.36 and could see move to 50.00 next and possibly higher. Day to Swing

LEA Provided it holds 43.90 area, if can get back over today's high and R1, still has room to 49.00 level or higher. Day to Swing

NVLS Approaching oversold while it stays fairly close to the 1o DMA and with many days down, now must cross R1 at 47.23 and hold today' s low 46.23. Then, it must also cross the 10 DMA AT 48.05 for it to change back to a Condition 1. Then has room to the upside. Day to Swing

Honorable Mention: Must Clear: UAL (24.00) SODA (41.19) MCD (99.80) PNC (60.00) SFLY(27.65) IBM (192.75) JWN (51.03) Positive Pivots Opening Range Reversal: BWA CELG VMW RHT

Shorts:

CTRP cannot cross 24.56 and has room to recent lows. Day to Mini

PANL Negative pivots at 43.07 and must not clear R1 44.03. Under today's low breaks the 200 DMA which could bring it to the 50 DMA and lower. Day to Swing

Honorable Mention: WYNN (R1 112.27)

Goodnight!