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Street One Financial LLC (S1F or Street One) is an independent entity affiliated with Precision Securities, LLC., 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... More
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  • Today's Technical Outlook 9/17/2012 0 comments
    Sep 17, 2012 8:02 AM

    Market Summary

    David Chojnacki S1F Market Technician

     

    Empire Manufacturing-8:30am
    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

    MAJOR INDICESShort term support and resistance level
    DJIA

    close 13593

    SP500

    close 1465

    N100

    close 2855

    13525136251462147528502862
    13400137001450148828372875
    13338138001440150028252882
    13279139301437150428122888
    13214141981425151228002900
    13125 1421152527952912
      1411153727892925
      1400154927752937
        27502950

    Long term, the bias remains to the upside, as once again we moved to new breakout highs. Any short term technical weakness seems to have been cleansed out of the Market for now and we see a green light for new highs. Over the near term, the indices are becoming a bit frothy and near over-bought conditions. We can see a little consolidation action this week as investors reposition. While some investors are in a 'catch-up' mode, the averages have had a nice gain for the year and from the June low. It's a quiet week for economic news, but there is plenty 'event risk' related world-wide news to keep investors on their toes. Futures this morning are lower versus fair value.

    Major Economic Reports Today

    The Market began the week digesting the prior week's strong move and waiting for word from the FED on new easing plans. When the FED announced their 40 billion/month MBS buying plan and the open ended easing policy, investors sold bonds and looked to equity for future gains. On Friday the buying continued, but some profit taking near the close, left the indices off their highs of the day. At the close on Friday, the major indices were up between 0.4% and 0.8%. Breadth was positive, 3 to 1, on above average volume for the second session in a row. For the week, the DJIA was up 2.1%, the S&P gained 1.9%, and the Nasdaq100 added 1%. The DJIA and S&P pushed to new 5 year highs, and the Nasdaq100 moved to levels not seen since 2000. The end of the week big move left near term technicals strong, and may be becoming slightly over-bought. The MACD for the Nasdaq100 moved back above its signal, eliminating any short term technical weakness signals. We would expect to see some further repositioning and asset allocation this week as investors modify strategy to the extended FED policy. With equities approaching over-bought levels, we also expect to see a little consolidation during the week. Short term target for the S&P is now 1504 and 3000 for the Nasdaq100.

    Trading Trends

    David Chojnacki S1F Market Technician

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