Economic Recovery, What is it Good for? $SPY $QQQ $IWM

April 4, 2012

Mish's Daily

By Mish Schneider

Not much green, not even my beloved TBT (Ultrashort Lehman 20+ Year Treasuries) as it was "everybody out of the pool." And, we wrote about those reversal patterns in the indexes from the highs enough to not be surprised or make our wallets hurt, but I can still be disappointed, right? But you know what they say about hope, fear and greed. So, we are mainly back to cash and suppose tomorrow pre-Holiday could be super quiet. The phase is still bullish meaning at this point, perm-a-bears may only look good for a couple of days.

Dow (DIA) 129.71 last swing low and could take a trip back to the fast moving average.

NASDAQ 100 (QQQ) Looks like correction in the leaders is really here. For now, rallies should be met with selling

Russell 2000 (IWM) 81.25 last swing low and landed on the 50 DMA.


XLF (Financials) Held 15.50 and back over 15.70 not too bad

IBB (Biotechnology) Cleared old high, made way then sold off holding the fast moving average

SMH (Semiconductors) Touched down on the 50 DMA. Expect sideways action in the near term

XRT (Retail) If this corrects to the 50 DMA, probably a great reentry point

IYT (Transportation) Caught the bounce and now over 94.54, could tear away from the rest of the pack. Under 93.50 would be troublesome

IYR (Real Estate) Closed under 62.00, but still like this group if that number clears

OIH (Oil Services) Approaching oversold with nothing all that exciting on the charts

XLE (Energy) 70.00 the 200 DMA still support

TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day which means follow it over the range high and looking for it to hold the lows

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