November 12, 2013
By Mish Schneider
Happy Veteran’s Day! In keeping with bank holidays, the market was quiet all around with pockets of pain and pleasure. The indices that came into Monday’s session with inside day ranges from last Thursday began the day slightly higher than the high price from Friday and then pretty much chopped around and consolidated for the rest of the session. However, with a full day back on Tuesday and perhaps some volume, the turnaround in the Dow and S&P 500 should help the cause of the Russells and NASDAQ which are teetering on the fast moving average. Let’s put it this way, the market needs the volume to the upside by the now 2 leading indices, otherwise, volume to the downside in the other two, could bring back the sellers all around.
S&P 500 (SPY) Last Thursday’s high is important 177.64.
Russell 2000 (IWM) Last Thursday’s high is important 109.81, or keep eyes on 109 area to hold up.
Dow (DIA) Back to the top of the channel-moment of truth.
Nasdaq (QQQ) 82.70 real big area for this to clear and hold above
XLF (Financials) Interesting doji and above Friday’s action. Pause for higher unless it breaks 20.67
SMH (Semiconductors) Inside day on the 50 DMA. Another piece of the puzzle-Under Friday’s low will not be perceived well.
XRT (Retail) Strong group with lots of earnings coming up here this week
IYT (Transportation) Until it clears 126.40, still a bit vulnerable
IBB (Biotechnology) A push above the 50 DMA will help this group a lot. Otherwise, a favorite area for a short
IYR (Real Estate) Inside day.
XHB (Homebuilders) Needs another push here to close above the 50 DMA and improve in phase
GLD Inside day and approaching oversold
OIH (Oil Services) New highs for 2013
XLE (Energy) Sitting on the fast moving average
XOP (Oil and Gas Exploration) Confirmed back to bullish phase
TBT (Ultrashort Lehman 20+ Year Treasuries) There’s the evidence market becoming less concerned with tapering talk
IFN (India Fund) If Monday’s low holds, could be a bounce off of the 50 DMA
EWG (Germany) Looking good again
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