Don't Stop the Party $SPY $QQQ $IWM $DIA

January 8, 2013

Mish's Daily

By Mish Schneider


S&P 500 remains in correction mode holding the January 2nd low at this point. Somewhat of a distribution day in volume although overall, volume is under the average daily. NASDAQ although down, performed better. The gap up from January 2nd remains intact. The Russell 2000 or small caps closed green. The market tone was set Monday as was expected; however, given today's action, no real harm has been done and either IWM or QQQ can lead us back up if either clears the highs of the last 2 days.

S&P 500 (SPY) Over 146 will look a lot better. January 2 low-144.73 key to hold

Russell 2000 (IWM) 86.96 the 2012 high remains pivotal and for the drama of it all, the closing price again was 86.94-so close. 86.04 is the January 2nd low. Over today' high will feel better

Dow (DIA) Broke 132.89 January 2nd low but closed above

NASDAQ 100 (QQQ) Tested January 2nd low once again and closed above it once again. Now, has to get above 66.85.

ETFs:

GLD After an Inside day, opened higher and pushed against the 200 DMA

XLF (Financials) Thought today's action was very healthy. Back over 17.02 should resume move up.

IBB (Biotechnology) Impressive move outperforming the market and now a bit overbought

SMH (Semiconductors) Now, will look to be a buyer at 32.60 area

XRT (Retail) Began the weak negative in this sector, but now it approaches support at 62.30-40

IYT (Transportation) Not expecting much more of a correction here.

IYR (Real Estate) 66.25 resistance.

USO (US Oil Fund) 33.95 -34.10 resistance to clear.

XLE (Energy) Good correction into support.

TBT (Ultrashort Lehman 20+ Year Treasuries) Love to see a dip to 65.12 but would not be afraid to buy renewed strength from here

DVY (Select Dividend Index) 58.10 now support to hold.

REE (Rare Element Reserve) Looking to see if this can clear 4.00

XHB (Homebuilders) 27.62 resistance to clear

UUP (Dollar Bull) Inside day.

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