May 1, 2014
By Mish Schneider
From Headlines to Flatlines. Think I need to say more? Here is my last tweet on the public stream:
At least if we had inside days setting up that would be somewhat interesting; instead we have an oxymoron-lifeless noise.
Here is what I want to see to shake things up a bit. A wide range bar in the TLTs with 2-3 times the average daily volume for a blowoff that would tell us that it finally shot its wad and is about to reverse.
Until then, I’m back to a thought I had as the week began-bears, bulls-let’s talk. What if this IS the range, say 184 to 190 in the S&P 500? No collapse no rally, just range bound choppiness with moments of excitement. Unless of course, the small caps fail here-that would not be a happy thing to see.
S&P 500 (SPY) Held 188 with a doji day (open and close price virtually the same). Now, drum roll for the jobs number-again-watch rates
Russell 2000 (IWM) 110.55 a really good place to hold or more trouble ahead
Dow (DIA) the high 166.06 0r under 164.50 some issues—however overall, thinking range bound here too
Nasdaq (QQQ) 87 hold good-over 88.35 better under 87 see 85.00
XLF (Financials) Cleared the 50 DMA-has to stick
SMH (Semiconductors) Unconfirmed phase change back to WARNING
IYT (Transportation) It cleared 137.80 and I’m still arguing
IBB (Biotechnology) Better but not in the clear yet
XRT (Retail) holding the 200, best I can say
IYR (Real Estate) Looks good to 70.50 level
GLD Held the month moving average support but still see possible down move-no position
OIH (Oil Services) A bit toppy looking again
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