Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

StreetOne Technical Analysis, LLC Market Summary 7/26/2011

Market Summary
David Chojnacki S1F Market Technician


The day and week started off with the indices considerably lower. As the session wore on the averages trimmed their losses and the Nasdaq100 was actually positive for a good part of the session. By the close, all the indices were in the red, with the DJIA the biggest loser. Breadth was decidedly negative on the NYSE, more than 3 to 1. Volume for the day was about average. Not much change technically as short term indicators remain with a positive bias. RSI’s dropped somewhat and near term volatility remains. The Nasdaq100 continues in new high territory and expectations are for the S&P to eventually test the 1363 level(April high). Gold continues to make new highs. On 7/12 we issued a technical write-up on IAU(iShares Gold Trust), indicating it was
about to break out of a trading range to the upside.   Since 7/12, IAU has risen 3.8%.   The VIX moved up 10.4% to 19.35, the first move to the upside in five sessions.  As we have noted before, the VIX itself has been volatile, as the Market reacts to daily news out of Europe and Washington. Earnings reports this week will also contribute to the Market swings.  Futures early this morning are higher versus fair value, indicating an open to the upside.  


Major Economic Reports Today
Case Shiller Index-9:00am     Consumer Confidence-10:00am   New Home Sales-10:00am     










             
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