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StreetOne Technical Analysis, LLC Market Summary-02/14/2011

|Includes:DB Agriculture Double Long ETN (DAG), DBC, XLF

by David Chojnacki

Another weak open found buyers again just after the first half hour.  Middle East events seemed to give the Market an extra push, moving equities to end the week with moderate gains.  All three major indices closed the week on new recent highs.  At the close, the DJIA gained 43 points, the S&P500 moved up 0.5%, and the Nasdaq100 closed up 0.6%.  Breadth was decidedly positive, 2.7 to 1, on slightly above average volume.  For the week, the DJIA and S&P500 were up 1.4%, with the Nasdaq100 gaining 1.7%.  The DJIA closed just above the 75% retracement level of the 2007-2009 bear market.  Its RSI remains high at 78.  The DJIA near term support is now 12250 and 12125.  The DJIA short term resistance moves up to 12312 and 12375.   The S&P500 closed just above 1325, which is fairly formidable resistance.  A hold here can form a base for new highs.  Near term support is now 1325 and 1312.  Near term resistance is now 1337 and 1343.  The Nasdaq100 found resistance just near its top Bollinger Band, which now sets up as 2383  and 2388.  Near term support now becomes 2375 and 2362.  The XLF, moved to a new high since its March 2009 low, as strength in Financials continues.  The VIX lost 2.4% to close at 15.69, keeping volatility relatively low. 

 

 

Trading Trend

Long term, the bias remains to the upside for all three major indices.  Short term, bias continues to the upside.  Near term, the trend of buying pullbacks continues.  The DJIA and S&P500 are in short term over-bought condition.  Some consolidation would be healthy to build a new base for more upside.   Near term bias continues to the upside.  Futures at(8:15am) are flat to slightly  lower versus fair value.   The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

No reports scheduled

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12273

SP500

close 1329

N100

close 2379

12250

12312

1325

1337

2375

2383

12143

12316

1314

1343

2362

2388

12125

12375

1312

1350

2350

2400

12008

12400

1301

1363

2346

2412

12000

12425

1300

1375

2337

2425

11950

12500

1288

 1388

2325

 2437

11900

12550

1275

 

2322

 

11867

 

1273

 

2312

 

 

 

1272

 

 

 

Click to enlarge

 

 

 

Trade Ideas

Open Trades- DAG- +50.4%.  Move stop loss up to 15.00.   DBC- +14.6%  Maintain stop loss at 26.90.   XLF-+13.1%. Move stop loss up to 16.20.

 

 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) 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

 

 

 

 


Stocks: DAG, DBC, XLF