FED Does the Chubby Checker $SPY $IWM $QQQ

June 20, 2012

Mish's Daily

By Mish Schneider


FED says it's a TWISTER! No Quantitative Easing, but then again, always leaving that door open. Where is the market now? Holding the 50 DMA, still approaching "irrational exuberance" and technically, a significant distribution day in volume in the S&P 500 only. I like where the market held today and best case would be some consolidation at these levels above the 50 DMA.

S&P 500 (SPY) 134.90 the 50 DMA with Wednesday's low at the EMA.

Russell 2000 (IWM) 78.14 the 50 DMA with some support at 77.85 as well

Dow (DIA) 127.25 the 50 DMA with support to 126.85.

NASDAQ 100 (QQQ) 64.00 the 50 DMA but unless it breaks 63.15, will look at dips as buy opportunities. Actually closed up on the day so the volume is accumulation-contrast to SPY. Follow the leaders.

ETFs:

GLD Last time FED did the twist, it was negative for commodities and gold in general

XLF (Financials) Anticipate this will take out the 50 DMA now if 14.20-30 continues to hold

IBB (Biotechnology) 2 interesting looking candles at the New all-time highs

SMH (Semiconductors) Over the 50 DMA and overbought

XRT (Retail) Getting closer still to the 50 DMA, but remains a first place to go if the market should rollover for a short

IYT (Transportation) Like to see some consolidation here-and started with an inside day on Wednesday

IYR (Real Estate) Second inside day which could be a gift

USO (US Oil Fund) I still paid up to fill my gas tank-wuss up?

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