March out like a Lamb? $SPY $QQQ $IWM

March 29, 2012

Mish's Daily

By Mish Schneider


The Dow (DIA), S&P 500 (SPY) and Russell 2000 (IWM) all recovered from the gap lower to close in much better shape. However, we remain tempered in enthusiasm as the quarter ends because all ran up to resistance at the fast moving average.  The exception is NASDAQ 100 (QQQ) which never broke beneath the fast moving average to begin with. Therefore, will be watching to see how QQQ in particular go out Friday. Expectation is a quiet day, typical of Fridays. Pay close attention to some very beat up stocks as they may be ready for a short covering rally.

ETFS:

GLD Sloppy chart, but good to keep eyes on.

SMH (Semiconductors) Overall very friendly to this sector, but might just let the week and quarter end before taking a stance.

XRT (Retail) Day two of correction from the possible reversal pattern although it came back from the lows to close under resistance. Still cautious here for now

IYT (Transportation) Good bounce off of the EMA. One area to look at if pushes through the fast moving average.

IYR (Real Estate) Still has to clear and close above 62.00 to look good up here.

XLE (Energy) OIH (Oil Services) The start of the relief rally has begun. XLE held the 200 DMA. OIH had an inside day.

TBT (Ultrashort Lehman 20+ Year Treasuries) Not one to catch a falling knife, bought it cheap and sold it a bit cheaper. Like the support at 19.70, but needs to prove itself.

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