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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 - 01/02/13 0 comments
    Jan 2, 2013 8:00 AM

    Market Summary

    David Chojnacki S1F Market Technician

    A strong Market on Monday pushed the indices to moderate gains. Whispers that some kind of deal was coming out of Washington took some of the uncertainty out of the Markets and had investors willing to buy. Once the details of the deal are analyzed, Wall Street may have a different mind set. At the close, the DJIA gained 1.2%, the S&P rose 1.6%, and the Nasdaq100 moving up 2%. Breadth was decidedly positive, 4.7 to 1, on above average volume. RSI's spiked and are once again near 50. ROC(10's) continued in negative territory, but advanced in the session. All three major indices established large bull candles and moved back above some key moving averages. We continue to trade within our trading range and straddle both sides of key moving averages. This type of activity can lead to some real whipsaw trading. On Friday of last week the VIX rose 16.6%. In Monday's session the VIX retreated 20%. We have tremendous volatility in the volatility indicator. The DJIA moved above its 50 and 200(SMA's). The Nasdaq100 moved back above its 20 and 50D-SMA's. The S&P closed above its 20 and 50D-SMA's. We have continued to stress the weakness in the Nasdaq100 and after Monday's strong action it could still not close above the 50% retracement level of 2661. While Monday's reversal and strength was impressive, the Nasdaq100 is just a few points above the mid-point of its recent trading range of 2600-2700. Look for support at 2650 and 2625. On the upside, resistance can be found at 2661 and 2675. The S&P closed just one point above the 1425 resistance level, not very convincing. Today's session will either have that level act as support or drop below and it becomes resistance once again. Further upside resistance lies at 1435 and 1450. Additional support is at 1419 and 1415. The fiscal cliff deal has removed uncertainty and is reflected in the much higher Futures this morning. Watch closely today's close.

    Major Economic Reports Today

    ISM Index-10:00am Construction Spending-10:00am Auto/Truck Sales-2:00pm

    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 utilizing the Broker/Dealer services and licenses of GWM Group Inc., a fully registered Broker Dealer and member of SIPC/FINRA. 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. Data sources include ETF Database, ETFTrends.com, IndexUniverse.com, Google Finance, and Bloomberg data and at times other data sources are utilized.

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