Rotate and Roll $SPY $QQQ $IWM

February 28, 2012

Mish's Daily

By Mish Schneider


There is an online game called Rotate and Roll. Trading ain’t no game, but clearly readiness to rotate and roll are good skills to hone.

 

S&P 500 (SPY) Closed just at the May 2011 high at 137.18 with an Accumulation Day in Volume.

NASDAQ (QQQ) Low volume day as the early test of the 10 DMA only proved that buying dips in a bull market, provided you know risk, is the smart, especially after the scary candles have disappeared.

Russells 2000 (IWM) Impressive comeback even though it remains the weakest index. If breaches 83.33, its recent high, would see the last 3 weeks as good congestion for a move higher. If breaks, 81.00, the reverse will look obvious.

ETFs:

GLD Still catching its breath.

XLF (Financials) 14.78 now the 200 weekly moving average. 14.40 the number to hold.

IBB (Biotechnology) Held 118.00 the important number. Needs to clear today’s high to keep going. Under 118, 113 is the 50 DMA to watch for.

SMH (Semiconductors) We need to see clearance above 34.65 and a close there.

IYT (Transportation) Tried but could not stay above the 50 DMA. Under 90.90 will be worrisome and over 93.00, reason to cheer.

IYR (Real Estate) Like this over today’s high 60.78.

MOO (Market Vectors-Agribusiness) Overall chart patterns continues to indicate potential for more upside.

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