Market Analysis for Trading on 2/11/2014

Mish Schneider | February 11, 2014

Low volume but firm start to the week in the indices although the DIA basically closed out the session unchanged. Calling today the possible pivotal day yet seeing that this was more of a firm digestion and actually sort of a pause kinda day, means tomorrow should be more definitive. NASDAQ continues the lead.

The sectors and groups spoke louder. Energy, Retail, Homebuilders, Oil Services, Transportation weakened underperforming the market. Semiconductors, Real Estate, Financials, Biotech and Technology strengthened outperforming the market.

In the Starting Gate-the Thoroughbreds versus the Mules. And they’re off!

S&P 500 (SPY) 180.98 the 50 DMA and key to cross and hold. Under 177.55 trouble again Subscribers: Positive pivots in all.

Russell 2000 (IWM) Better as it crossed the fast moving average. Has to keep going or a move under Friday’s low not so good

Dow (DIA) Hammer doji near Friday’s highs-and the weakest Monday-still keeping eyes here

Nasdaq (QQQ) Confirmed bullish phase. And really close to the highs

XLF (Financials) 21.50 is the 50 DMA and the beacon for this to cross.

SMH (Semiconductors) Managed to get into an unconfirmed bull phase-now has to hold the 50 DMA

IYT (Transportation) Retreated from its attempt to take out the 50 DMA-could be just digesting

IBB (Biotechnology) Biotechs look great and now, very close to the highs

XRT (Retail) Couldn’t clear the 200 DMA but could also be digesting-tomorrow should be clearer

IYR (Real Estate) Unconfirmed accumulation phase

XHB (Homebuilders) Went back below the 50 DMA into an unconfirmed warning phase

GLD Tight intraday range after a gap above recent consolidation

USO (US Oil Fund) Confirmed phase to accumulation

OIH (Oil Services) Here is another group wrestling with the 200 DMA

XLE (Energy) Inside day above the 200 DMA

XOP (Oil and Gas Exploration) Inside day

TBT (Ultrashort Lehman 20+ Year Treasuries) Inside day and still looks promising on the week and month charts

PHO (Power Shares Water Resources) Subscribers: 25.64 needs to clear and Friday’s low needs to hold now that this has a confirmed phase change to bullish and an inside day

EWG (Germany) Inside day under the 50 DMA

CAF (China “A” Shared Fund) In China funds, good looking

CORN (Corn) Subscribers: consolidation .Over 31.78 perhaps an add

BAL (Cotton) Subscribers: Not ready now-had a possible slingshot high

JO (Coffee) Teeny range inside day

SGG (Sugar) Subscribers: Retraced to a good spot and now, over 53.00 looks good with a stop under 52.20

Bye for Now!