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StreetOne Technical Analysis, LLC Market Summary-11/09/2010

|Includes:IJR, iShares Russell 2000 ETF (IWM), VB

by David Chojnacki

The Market began the week continuing to digest last week’s big gains.  The indices finished mixed and little changed.  At the close, the DJIA was off 37 points, the S&P500 lost 2 points, and the Nasdaq100 gained 2 points.  Breadth was negative, 1.3 to 1, on below average volume.  Not much change technically, but all three indices held above the April highs.  For the DJIA, the near term resistance level remains 11450, with next resistance at 11500.  Support remains at 11325 and 11254.  The S&P500 held above the April closing high for the third straight session.  Resistance remains at 1225 and 1237.  Support remains at 1217 and 1200.  The Nasdaq100, the only positive performer of the three indices in the last session, though only a few points.  It remains the leader.  Near term support continues at 2180 and 2165.  Near term resistance remains at 2200 and 2213. The Russell 2000 remains a couple points below its April closing high.  Gold moved above 1400 and the GLD closed at a new high of 137.78(we reiterated a buy on 11/4 above 133 price level). The dollar(UPN) bounced up from 22 level and remains in congestion area.  The VIX managed a small gain, to close at 18.29, remaining at 6 month lows.   

 

Trading Trend  

Long term, the Nasdaq100 bias remains to the upside.  The DJIA and S&P500 remain in longer term technical strength and we look for final confirmation.  Short term, bias remains to the upside.  Near term, technical strength continues, as we consolidated for a second straight session.  Some key economic reports on Wednesday and Thursday of this week.  Cisco reports on Wednesday.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

Wholesale Inventories-10:00am

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11406

SP500

close 1223

N100

close 2188

11325

11410

1217

1225

2180

2200

11271

11450

1215

1237

2165

2201

11254

11500

1203

1250

2153

2213

11205

11650

1200

1275

2150

2225

11164

11734

1188

1300

2130

2239

11125

11850

1175

 

2125

 

11000

 

1163

 

 

 

10923

 

1159

 

 

 

 

 

 

 

 

 

 

     

 

Trade Ideas

IWM(iShares Russell 2000)-73.71. Originally recommended 9/27 at 66.99(up 10%).  Poised to move through April closing high of 74.21.  See also IJR and VB.

S1F in the News: http://www.streetonefinancial.com/news.html

 

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) and Emerging Growth Equities, Ltd. (EGRO) 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 utilizing the Broker/Dealer services and licenses of Emerging Growth Equities (EGRO), a fully registered Broker Dealer and member of SIPC/FINRA. All Partners of S1F are employees of EGRO. Through EGRO, 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.                                                                      © 2010 Emerging Growth Equities, Ltd 

 



Disclosure: No positions
Stocks: IWM, IJR, VB