Wouldn't You Like To Ride In My Beautiful Balloon?

March 5, 2014

Mish's Daily

By Mish Schneider

To The Tune of Up, Up and Away by Jimmy L. Webb

Gap, Gap and Away,

With An Awesome Volume Surge

SPY A Nicer Place

In A Beautiful Balloon

For It Can Fly..Fllllllyyyyyy

Gap, Gap and Away!

S&P 500 (SPY) New high everything with an accumulation day in volume-are we concerned about a blow off rally mentioned 2 weeks ago? Darn right we are.

Russell 2000 (IWM) The blow off rally potential is more evident here after new highs and double the average daily volume. Watch for it.

Dow (DIA) Then there is the Dow, still has miles to catch up or not

Nasdaq (QQQ) New high close but not new highs

XLF (Financials) The theory of buy the weaker sister when the market reverses was evident here today. Back to an unconfirmed bullish phase

SMH (Semiconductors) New highs

IYT (Transportation) Still has a gap to fill to 134.58

IBB (Biotechnology) Did better but no wow factor

XRT (Retail) Opportunity knocked here as well. Now, 2014 high is 88.26

IYR (Real Estate) Knew this wasn’t done yet

XHB (Homebuilders) Impressive if 34.27 clears

GLD Gapped lower leaving a potential island top

USO (US Oil Fund) Like GLD, a potential island top

OIH (Oil Services) Has to clear 49.00

XLE (Energy) Has to clear 88.48 once and for all

XOP (Oil and Gas Exploration) Moved off the hammer candle close well and now has to clear 71.27

TBT (Ultrashort Lehman 20+ Year Treasuries) Rule # something or other-never short an oversold instrument.

UUP (Dollar Bull) Confirmed brick wal bottom

FXI (China Large Cap Fund) Seems that emerging markets not as convinced about the US rally

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