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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-07/13/2010 0 comments
    Jul 13, 2010 9:27 AM | about stocks: SMH, PSI, XSD, USD

     by David Chojnacki

    The Market traded in a very narrow range for the entire session and closed just barley changed to the upside.  At the close, the DJIA was up 18 points, the S&P500 gained just .79 points and the Nasdaq100 up 6 points. Breadth was negative, 1.7 to 1, and volume was weak for the second straight session. The three major indices, are now just above a 50% retracement of late June to early July decline. Some improvement in near term technicals, with short Macd crossing up, and ROC(10) is turning positive. We remain below prior up trendline and below 200D-EMA(except for Nasdaq100).  Near term support for the DJIA remains at 10000 and 9908. Resistance remains at 10218 and 10355.  The S&P500 remained below its 200D-EMA(1095), which along with 1083 becomes short term resistance. Near term support remains at 1070 and 1056. The Nasdaq100 is now 8 points above its 200D-EMA(1813), which continues to be support, along with the 1800 level. The Nasdaq100 closed a gap which formed on June 29, and also bumped into resistance of its up trendline.  Resistance is now 1835 and 1850-1855 area. The VIX, down again(7 straight ), 2.2% to 24.43. It did bounce intra day near its 200D-SMA(23.45).

     

    Trading Trend

    Long term, bias remains to the downside.  Short term, bias remains to the downside; would like to see some more signals to confirm a reversal.  Near term, we are bumping into resistance and need a catalyst(earnings?) to push the indices through. Remains a trader’s Market.  Second quarter earnings reports pick up this week, along with a heavy dose of economic information.  Today’s futures at(8:15am) are moderately higher versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.  

     

    Major Economic Reports Today:

    Trade Balance-8:30am    Treasury Budget-2:00pm

     

     

     

    MAJOR INDICES Short term support and resistance level

    DJIA

    (close 10216

    SP500

    (close 1078

    N100

    (close 1821

    10150

    10218

    1070

    1083

    1813

    1823

    10089

    10259

    1063

    1094

    1812

    1835

    10055

    10355

    1056

    1095

    1800

    1850

    10000

    10401

    1050

    1100

    1797

    1855

    9925

    10500

    1044

    1117

    1781

    1870

    9908

    10632

    1035

     1120

    1775

     

    9850

     

    1025

     1135

    1750

     

    9810

     

    1016

     1138

    1732

     

    9725

     

    1013

     

    1713

     

     

     

     

    Trade Ideas

    SMH-(HOLDRS-Merrill Lynch Semis)-27.59.  A buy above 27.40.  Some resistance at 28.20 and 29.00.  Similar PSI, XSD, USD.

     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: SMH, PSI, XSD, USD
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