Mish’s Daily: Monday Quarterbacking the Economic Modern Family
Mish’s Daily: Monday Quarterbacking the Economic Modern Family
Written by Michele ‘Mish’ Schneider
Over the weekend we had a lot to say about our Family.
1. “If IWM takes out the 227 level, we see no reason why the rally should not continue.”
2. “Sister Semiconductors SMH, after a huge bearish move the week prior, followed through with more downside this past week.”
3. “Regional Banks KRE or our Prodigal Son, has had 3 spectacular weeks in a row. With KRE we still do not know if this is a massive technical bear market rally or a new bull market.”
4. “XRT held the weekly channel low. Granny, with all the doom and gloom, closed the week up. Are there headwinds? Sure.”
5. “IBB looks well on its way to 160 area.”
6. “If IYT joins in the rally, it will most likely infer a sea change coming for the Fed as well.”
7. “Let us not forget that the long bonds TLT have their own look of a squeeze coming.”
A lot of “ifs.”
So, it is any big surprise that the week begins with all the Family thus far, trading inside last week’s trading range?
All but Retail XRT. But XRT only garnered a rally early in the day and settled within last week’s range. We got some waiting and wading to do given earnings, FOMC and jobs report all happening.
Hence the best way to explain what we believe is the best course of action is to have a listen to Mish’s interview on Benzinga’s Prep Show early Monday morning.
You will hear about the Family, long bonds, and the discussion on a couple of picks! Check out the chat box-very nice indeed!
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Mish in the Media
Benzinga Pre-Market Show Mish and team discuss the rotation and with the heavy week of data, is this rally sustainable 07-29-24
CNA Asia First Look at the merits of the Market itself 07-26-24
Business First AM All about long bondsTLT 07-24-24
Money Life with Chuck Jaffe Podcast–Mish leans optimistic with some caveats plus a bit about the election 07-23-24
Business First AM 3 Keys to Trade the Market 07-23-24
BFM Radio Malaysia ITS ALWAYS GOOD TO TAKE SOME PROFITS 07-16-24
Schwab Network The Inside Sectors Or Economic Modern Family 07-16-24
Coming Up:
July 30 Better System Trader Podcast
July 31 F.A.C.E
July 31 Mario Nawfal Spaces
July 31 CNBC Street Talk
August 2 Yahoo Finance
August 5 Breakfast Bytes Singapore radio
August 7 IBD podcast
August 8 Wealthwise with Jordan Kimmel
Weekly: Business First AM, stockpick.app
ETF Summary
S&P 500 (SPY) 540 support
Russell 2000 (IWM) 217 support 227 resistance
Dow (DIA) 400 support
Nasdaq (QQQ) weekly support 463
Regional banks (KRE) 54 now support with 60 next level to watch
Semiconductors (SMH) 230 important support
Transportation (IYT) 64.10 support 67 resistance
Biotechnology (IBB) 146 support 150 resistance
Retail (XRT) 75 support 77.50 resistance
iShares iBoxx Hi Yd Cor Bond ETF (HYG) 78.00 support
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