Close Your Eyes and I'll Kiss You

February 27, 2014

Mish's Daily

By Mish Schneider

As the week and month, one thought (ok two) comes to mind. First, if the small caps or Russell 2000 gap up over the highs, consider it a runaway gap. Second, if the Financial sector holds the 50 DMA, could be the last cheap entry for a while.

Still pondering the volatility index’s strength along with the market at new highs. Rare to see volatility explode to the upside. But, I’ve been around long enough to find nothing too surprising.

S&P 500 (SPY) New high close

Russell 2000 (IWM) Inside day which makes this so so ripe for that runaway gap

Dow (DIA) Above 162.79, this will be hard to argue with

Nasdaq (QQQ) New high close here and new all time high

XLF (Financials) Big eyes here to pull away from the 50 DMA

SMH (Semiconductors) Strong

IYT (Transportation) Getting stronger

IBB (Biotechnology) Resting

XRT (Retail) Called out this one last week-hope you followed

IYR (Real Estate) Good consolidation at these levels

XHB (Homebuilders) Inside day after the great move

USO (US Oil Fund) Hasn’t been over 37.50 since October 2013-finding that area resistance but doesn’t look like it for long if holds over 36.20

OIH (Oil Services) Also looking better

XOP (Oil and Gas Exploration) Over 69.50 gets interesting

PHO (Power Shares Water Resources) Looks great

UUP (Dollar Bull) 21.52 a pivotal area

KRE (Regional Banks) Unconfirmed bullish phase

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