From A Tennis Volley to Synchronized Swimming $SPY $IWM $DIA

October 15, 2012

Mish's Daily

By Mish Schneider


Ok. Back into bullish phases in all but NASDAQ, which remains in its current weak warning phase. Volume did not support the rally as far as an accumulation indicator and the fast moving averages remain overhead hurdles. However, with Monday a do or die day, and lots of earnings coming up, we did get our feet up to our knees wet-yet kept our suits and bathing caps on.

S&P 500 (SPY) 144.50 the fast moving average. 143.23 the line in the sand.

Russell 2000 (IWM) One reason many investors have wetsuits on-this barely closed above the 50 DMA.

Dow (DIA) Has to clear 134.45 now and hold 133.10

ETFs:

GLD Under 170 in defensive mode unless can get back above

XLF (Financials) I began this year pointing out a reversal of a 5 year downtrend. Could see this close the last quarter on new 2012 highs

IBB (Biotechnology) Had the big run this year so really not my first choice anymore as the place to load up long

SMH (Semiconductors) INTC reporting-that should be key.

XRT (Retail) Would like to see it clear 62.90 for a sign of life

IYT (Transportation) Watch the 50 DMA

OIH (Oil Services) Boxed in a range over last 9 trading days and counting-would follow the way that range breaks.

XLE (Energy) Leaving this be unless clear 73.35.

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