June 18, 2014
By Mish Schneider
Tennessee Ernie Ford: Sixteen Tons
The Russell 2000s, featured in last two night’s daily, delivered. But, so did the S&P 500, NASDAQ and the Dow. Have I said “rare summer rally” lately?
Yesterday I wrote about China, that I was watchingeverything China-the ETF, their major momentum stocks and instruments that reflect their consumerism. I also wrote that FED policy could be a game changer for the balance of 2014.
So what changed since the SPY QQQ and DIA have been on a tear for some time?
Retail, Biotech, Homebuilders should get their chance to party now-started on Wednesday-noted in comments below last couple of days. Financials were first and did amazing. Well, really Semiconductors were first-but that’s old news now.
And China, particularly FXI the ETF should really have some fun now over the 200 weekly moving average and basing for last couple of years.
S&P 500 (SPY) Remember the 220 target that I wrote would require patience without the expectation of a straight shot?
Russell 2000 (IWM) Nice with miles to go-117.48 now should hold
Dow (DIA) Had to clear 168.10 and did
Nasdaq (QQQ) Relatively muted but still ok over 92.80
XLF (Financials) Looks good to new highs
KRE (Regional Banks) 40.76 to clear for this to join in
IYT (Transportation) FedEx gave this the shot in the arm it needed to get back in the game
IBB (Biotechnology) Over 250 next stop around 270
XRT (Retail) Looks great-and would buy dips
IYR (Real Estate) Even this came back after holding the 50 DMA
ITB (US Home Construction) Like this over 24.25-alot
GLD Doesn’t look bad but there are better trades out there
USO (US Oil Fund) Sideways and holding the gap-not what a sustainable market wants, but for now, not impacting
OIH (Oil Services) Another leg up
XOP (Oil and Gas Exploration) Wow-that 78.00 level breakout sure paid for a lot of these free daily write-ups!
TAN (Guggenheim Solar Energy) Can you feel the love tonight?
TBT (Ultrashort Lehman 20+ Year Treasuries) TLT Back over the 50 DMA-not ready to quit yet
PHO (Power Shares Water Resources) 27.23 2014 high
FXI (China Large Cap Fund) Weekly close over 38.14 huge!
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