February 27, 2014
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
For more detailed analysis join me, along with hundreds of other subscribers, at Mish's Market Minute and get my daily trade picks, trade alerts, training videos, and exclusive analysis tools. Sign up for Mish's Market Minute now and get a free 2 week trial!
Every day you'll be prepared to trade with: