StreetOne Technical Analysis, LLC Market Summary 5/23/2011

May 23, 2011 8:09 AM ET

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Street One Financial LLC (S1F or Street One) is an independent entity affiliated with Precision Securities, LLC., 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 constructing their portfolios and identifying which ETF products may provide the best desired exposure by specific manager objective, fees and liquidity. The ETF/ETP landscape is evolving rapidly and has diversified quickly beyond passive equity index ETFs. Now actively managed strategies, fundamental and quantitative ETFs, as well as those that offer exposure to fixed income, commodities or even volatility indexes are available to all investors. Street One believes the key to understanding this rapidly changing environment is to learn how specific products work and where they may fit within a manager's portfolio. In addition to ETFs, options, and equities, we also handle closed end funds (CEF) trade execution and access to liquidity. All Street One Financial trades are executed by Precision Securities, LLC.

StreetOne Technical Analysis, LLC

D.Chojnacki

Market Summary-05/23/2011

A bit of some roller-coaster action on Friday with the Market moving lower in the AM, gaining some strength early PM, and then falling into the close. At the close, the DJIA, the S&P, and the Nasdaq100 were all down 0.7%. Breadth was negative, 2 to 1, on below average volume. The ROC(10) is negative and declining for all three major indices. The 10D-EMA has reversed again to the downside for the indices, along with the 20D-SMA for the S&P and Nasdaq100. We have spent the last five sessions trading between the 20D-SMA and 50D-SMA. The RSI has moved below 50 for the three indices. For the week, the DJIA was off 0.6%, the S&P down 0.3%, and the Nasdaq100 falling 1.1%. The DJIA met resistance at the 10D-EMA on Friday. Near term support is now at 12500 and 12439. Near term resistance is now at 12550 and 12585. The S&P has traded in a fairly narrow range now for the last five sessions. Near term support is now at 1330-29 and 1325-22. Near term resistance is now at 1339-45 and 1350. The Nasdaq100 met resistance in Friday’s session near its 10D-EMA. Near term support is now 2350 and 2336. Near term resistance is now at 2362 and 2370-75 area. The VIX reversed on Friday to jump 12.3% to close at 17.43. Volatility remains relatively mild.

Trading Trends

Long term, the bias remains to the upside for all three major indices. Short term bias to the upside continues, but a recent double top may put that in jeopardy. Near term, the last session established a little more technical weakness, as the indices continue to trade between the 20D and 50D-SMA’s. Futures this morning are pointing to additional weakness at the open. A move below the 50D and the S&P will probably test the high 1290’s to 1300 area. Futures at(8:00am) are significantly lower versus fair value. Euro debt crisis once again headlining as a Market mover. The Mid East crisis(oil) and the U.S. economic recovery confirmation are the top Market movers.

Major Economic Reports Today:

No major reports scheduled

MAJOR INDICESShort term support and resistance level
DJIA close 12512		SP500 close 1333		N100 close 2351
12507	12550	1330	1339	2350	2362
12500	12585	1329	1343	2349	2368
12439	12649	1325	1345	2345	2375
12428	12650	1322	1350	2341	2385
12383	12715	1320	1363	2336	2388
12375	12745	1312	1366	2332	2397
12352	12800	1310	1375	2325	2400
12250	12810	1300	1388	2322	2412
12125		1297		2312	2413

Trade Ideas

None today.

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

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