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StreetOne Technical Analysis, LLC Market Summary 9/19/2011

StreetOne Technical Analysis, LLC
                                                                                   D.Chojnacki
 
Market Summary-09/19/2011
The Market finished Friday with the fifth straight day of positive gains.  While the gains were modest, volume was light.  At the close on Friday, the DJIA gained 0.6%, the S&P rose 0.5%, and the Nasdaq100 moving up 0.8%.  Breadth was just slightly positive, on weak volume. The averages posted significant gains for the week, ranging from 5.3% to 6.6%, with the Nasdaq100 being the strongest.  Near term technicals remain strong as we approach the top of the recent trading range for the DJIA and S&P. RSI’s are in the mid 50’s to 60, and ROC(10)’s are positive and rising.  TheNasdaq100 is exhibiting short term strength as the index has moved above its 50D-SMA and closed above its 200D-SMA on Friday. We have noted that the indices have been trading in a range since August 5th, with the Nasdaq100 breaking out of that range on Friday.  For the DJIA and S&P, we are nearing the test of the top of that range again.  For the S&P, closing prices of this range are 1120 to 1220.  Look for moving above and holding the 1220 level for additional strength.  For the Nasdaq100 the top of the range had been 2241. We will look to hold 2241 and the 50D-SMA of 2249 for continued strength to the upside.  The VIX lost 3.1% to close at 30.98, still at a lofty level.  
 
Trading Trends
Long term, the bias remains to the downside.  Short term technicals are improving, especially for the Nasdaq100, but bias remains to the downside.  Near term the bias is pointing to the upside, but we look for some resistance at the top of the recent range for the DJIA and S&P.   We will watch to see if the other averages confirm the breakout of the Nasdaq100.   Volatility continues to be high and must be considered in any short term strategies.  Future’s at (8:00am) are considerably lower versus fair value. 
 
Major Economic Reports Today:
NAHB Housing Index-10:00am        
                                   
                                                                                                                    
MAJOR INDICESShort term support and resistance level
DJIA
close 11509
SP500
close 1216
N100
close 2306
11485
11570
1212
1218
2300
2312
11345
11613
1208
1225
2297
2325
11302
11684
1200
1228
2290
2337
11262
11709
1190
1230
2288
2350
11200
11722
1188
1236
2275
2362
 
11823
1175
 1250
2262
 2375
 
12001
1162
 1263
2250
 
 
 
1150
 
2249
 
 
 
 
 
 
 
 
 
 
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