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Street One Financial LLC (S1F or Street One) is an independent entity affiliated with GWM Group Inc., a full service registered broker dealer and a member of FINRA/SIPC. Street One specializes in educating, evaluating and trading ETFs, equities and options. Our firm assists portfolio managers in... More
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  • Today's Technical Outlook - 9/6/2012 0 comments
    Sep 6, 2012 8:06 AM

    Market Summary

    David Chojnacki S1F Market Technician

    We continue in a trading range, as investors wait for details from the ECB on the new bond buying program. Yesterday's trading was flat from the open to the close and we ended with a mixed finish. At the close, the DJIA added 11.5 points, the S&P gave up 1.5 points and the Nasdaq100 gave up 5 points. Breadth was just slightly negative on weak volume. RSI's weakened somewhat, displaying the slowdown in momentum to the upside. ROC(10's) remained negative, and declined in the session. Not much else had changed with technicals in the session. Technicals continue to remain positive, but some near term weakness has begun to develop. The S&P held the 1400 level in the session, but ran into resistance at its 20D-SMA(1408). The S&P did develop a 'Doji' in the session, so once again we look for a possible reversal. Near term, we continue with 1395 as support and 1411 as upside resistance. We continue to have the spring highs as the target, but no catalyst has developed to push us through. The Nasdaq100 continues to find support near its 20D-SMA(2759) and is the only major index holding above that level. The Nasdaq100 also developed a 'Doji' in yesterday's session, and its RSI fell below 60. We still see the near term range in the Nasdaq100 of 2750 on the downside and 2784 at the top. We did manage to trade intra-day on Aug.21 at the 2802 level, but since have pulled back and remained below. The VIX was off slightly to close at 17.74, as volatility remains in check. Initial Claims, ECB news, and tomorrow's Job's report should provide the catalyst to remove us from this thin trading range. Futures are significantly higher before the open this morning, as investors anticipate a solution from the ECB to lower the European risk.

    Major Economic Reports Today

    ADP Employment Change-8:15am Initial/Continuing Claims-8:30am ISM Services-10:00am Crude Inventories-11:00am

    DISCLAIMER LANGUAGE

    ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY'S DATE, UNLESS OTHERWISE INDICATED

    This publication is neither an offer to sell nor a solicitation to buy any securities mentioned herein. The information contained herein is based on data obtained from recognized sources that are believed to be reliable. Street One Financial LLC (S1F) have not independently verified the facts, assumptions and estimates contained in this publication. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this publication. The information contained in this publication is not and does not purport to be a complete analysis of every material fact respecting any company, industry, ETF or other security. Additional information concerning this publication may be available on request, if available. Many of the securities mentioned in this publication involve a higher degree of risk and more volatility than the securities of more established securities. For these and other reasons, the investments discussed in this publication may be unsuitable for investors depending on their specific investment objectives and financial position. Each investor should complete his or her own additional investigation and assessment prior to making investments in any securities. Transactions in securities mentioned herein may be effected only in those states where such securities are qualified for sale. Street One Technical Analysis LLC is an independently owned Company from Street One Financial LLC (S1F). S1F is an independent Company specializing in ETF's, equities, and options. S1F specializes in agency ETF/ETP, equities, and options trade execution. On the ETF/ETP end, S1F may work with the ETF issuers to understand their products more thoroughly and how they can complement an investor's portfolio

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