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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 - 9/25/2012 0 comments
    Sep 25, 2012 7:53 AM | about stocks: AAPL, GOOG

    Market Summary

    David Chojnacki S1F Market Technician

    We started the week with the indices falling in the first minutes of the open. They quickly found a floor and made a slow move to the upside trying to get into positive territory. In the final hour, there was another sell-off which left the indices in the red at the final bell. While the DJIA and S&P were little changed, the Nasdaq100 was off 0.6% as AAPL fell 1.3% contributing to its demise. At the close, the DJIA was down just 20 points and the S&P was off 3.2 points. Breadth was negative, 1.5 to 1, on average volume. RSI's pulled back some and are now in the lower to mid 60's for the big three. The recent consolidation, now 7 days old, has removed some of the over-bought condition. ROC(10's) remain positive but declined in the session. The Nasdaq100, which gapped down on AAPL's big move, had its MACD drop below signal. This is something to watch, but the Nasdaq100 did hold 2825, which is important near term support. On the upside, look for resistance at 2850 and 2875. The S&P was again trading in a technical range and remains below the 1462-1465 near term resistance level. Support can be found at 1450 and 1440. The DJIA also continues to consolidate in a narrow range, much like the S&P. We briefly traded above the recent closing high of 13596 yesterday, but quickly pulled back below. Support continues at 13500 for the DJIA. The VIX continues at low levels, but added 1.2% in the last session to 14.15. In contrast to the VIX, we have had a recent widening of the Bollinger Bands, which suggests the potential of increased volatility. Though AAPL was weak yesterday, we saw GOOG hit new highs and Financials held their own. Consumer confidence this morning should be interesting. Futures are slightly positive this morning versus fair value.

    Major Economic Reports Today

    Case-Shiller Index-9:00am Consumer Confidence-10:00am FHFA Housing Price Index-10:00am

    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

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: AAPL, GOOG
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