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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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  • StreetOne Technical Analysis, LLC Market Summary-04/07/2010  1 comment
    Apr 7, 2010 8:46 AM | about stocks: XLF, EEM, FXP, FXI, XLK, XME, XLB, IWM, TNA, XLV
     A slightly lower open was followed by a gradual move to the upside by the afternoon. Some selling in the last hour left the Market little changed for the session. The DJIA was off just 3.5 points, the S&P500 up 2 and the Nasdaq100 up 4 points. The small gain in the S&P500 and the Nasdaq100 was enough to push them to another new closing high.  Breadth was positive 3 to 1, with volume light again. We held just above or at top of recent range, so near term trend prevails.  Other then a slowing ROC(10), especially in the DJIA, not much change in technicals. The Dow Transports closed with a new high and confirmed recent new highs in the industrials. The Russell’s(1, 2, and 3000’s) made new closing highs for the second straight session. The 1175 and 1975 areas for the S&P500 and Nasdaq100 have now become support. The Financials (XLF), continued to lead the Market, gaining 1% to 16.41. Support now at 16.30, 16.15, 16.00, and 15.75. Resistance at 16.50, 16.75, and 17.00. GOLD(GLD) continues moving up, gaining 0.14 to 111.03. Looking to test the top of recent range of 106.50 to 112. The VIX lost 4.6% to 16.23, a new 52 wk. low. In fact, we haven’t seen these levels since mid 2008.    

     

    Trading Trend

    Long term, technicals remain positive as we continue to trade at or near recent highs.  Short term, upside bias continues. Near term, we remain positive, however, momentum has slowed. The major indices remain somewhat overbought again short term. Today’s futures(at 8:15am) are down slightly versus fair value. Economic recovery confirmation(e.g.-employment, consumer spending) and interest rates have become the key Market movers.

     

    Major Economic Reports Today:

    Crude Inv.-10:30am    Consumer Credit-3:00pm   

      

    MAJOR INDICES - Short term support and resistance levels

    DJIA-(close 10969)

    SP500-(close 1189)

    N100-(close 1981)

    10907

    11000

    1189

    1194

    1975

    1982

    10885

    11041

    1175

    1200

    1967

    1988

    10800

    11125

    1170

    1213

    1963

    2000

    10784

    11254

    1165

    1225

    1961

    2012

    10725

    11500

    1163

     

    1950

    2025

    10605

     

    1160

     

    1940

     

    10594

     

    1150

     

    1939

     

    10540

     

    1143

     

    1935

     

    10500

     

    1139

     

    1920

     

     

    Options/Derivative Flows(from the desk of P.Weisbruch)

    "In EEM (iShares Emerging Markets), the recent trend of bullish orderflow continued.  Buyers of calls and sellers of puts in the June 36 put / 49 call risk reversals surfaced yesterday morning, and this follows recent call buyers / put sellers of the June 41 combos on Monday. In FXP (ProShares UltraShort FTSE/Xinhua China 25) we saw buyers of in the money May 7 calls in notable size.  This ETF tracks the inverse return of the FTSE/Xinhua China 25 on a daily basis (FXI), so the call buyers are possibly positioning for a correction in FXI, which has rallied over 10% in the past week.  In XLK (SPDR Technology), downside put sellers entered the market, specifically trading the June 22 puts. XLK has lagged the general market, only up 1.57% year to date versus SPY (S&P 500) up over 6%. The put

     

     

    sellers may believe that the sector will catch up to the rest of the domestic equity market heading into the summer."

     

    Trade Ideas

    XME(SPDR S&P Metals and Mining)-Closed 59.95. A buy above breakout of 58.73. Recent positive cross in MACD. Similar trade, XLB(SPDR SEL materials), also making new high.

    IWM(iShares Russell 2000)- Closed 70.12. Remains buy above breakout level-69.23. Similar trade TNA(Direxion Small Cap-3X leverage)

    EEM(iShares Emerging Markets)-Closed at 43.74. Remains buy above breakout level-43.20. Volume slowed last session.

    XLV(SPDR Health Care)- Closed 32.20, off 0.02. Remained above 20D-EMA. Continues to be a buy above 32.00. Short term potential 34.00

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

    This communication is not intended to constitute any offer or solicitation to buy or sell securities. All trading and broker dealer services are through Emerging Growth Equities, Ltd (EGRO), Broker/Dealer and member of SIPC, FINRA (    www.egequities.com). For more information, please contact us at: 877-782-8353





    Disclosure: No positions
    Stocks: XLF, EEM, FXP, FXI, XLK, XME, XLB, IWM, TNA, XLV
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    It's interesting and very similar to my reviews:)
    spaculator.wordpress.com/
    9 Apr 2010, 05:29 AM Reply Like
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