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StreetOne Technical Analysis, LLC Market Summary 10/24/2011

                                                     StreetOne Technical Analysis, LLC               
                                                                                   D.Chojnacki
 
Market Summary-10/24/2011
The Market opened Friday with a big move to the upside. After an hour, the averages began to slide to the downside, but a two hour rally into the close left the indices with moderate gains.  At the close, the DJIA gained 2.3%, the S&P moved up 1.8%, and the Nasdaq100 added 1.2%.   Breadth was decidedly positive, 5.5 to 1, with a significant pick-up in volume. Some of the volume may be attributed to options expiration.  For the week, the DJIA moved up 1.4%, the S&P gained 1.1%, but the Nasdaq100 shed 1.5%, bucking the trend.   Part of the Nasdaq100 loss was attributed to a pullback in AAPL.  RSIs remain right near 60 for the major indices. Near term and short term technicals remain positive. The 20D-SMA began to cross above the 50D-SMA for both the DJIA and S&P. The S&P moved out of the eleven week trading range and closed just above the 50% retracement level(1236). We look for support at this level for further upside move.   Resistance at 1250 and 1263.  The Russell 2000 did not confirm a breakout, as it closed at 712, below the top of trading range, which is 728. Pullback in Nasdaq100 brought it closer in parity with the other indices, but it still exhibits short term strength. The VIX was up slightly for the week, continuing the volatility within the Market. 
 
Trading Trends
Long term, the bias remains to the downside.  Short term technicals are pointing to a positive bias.  We look for confirmation of the trading range breakout and confirm by the Russell 2000.   Near term we have had a good move off the Oct.4 intra-day low and technicals remain positive.  Volatility remains fairly high, so some caution is still warranted. Would like to see volatility decrease and additional base building, to begin a longer term trending move to the upside and test the July highs.  Earnings reports continue this week. A few key economic reports will also make news and impact the Market.  Future’s at (8:00am) are mixed versus fair value.
 
Major Economic Reports Today:
No reports scheduled
                        
                                                                                                                    
MAJOR INDICESShort term support and resistance level
DJIA
close 11808
SP500
close 1238
N100
close 2335
11722
11840
1236
1250
2325
2337
11706
11947
1230
1253
2312
2350
11500
11958
1225
1263
2300
2354
11485
11965
1220
1265
2294
2375
 
12000
1212
1275
2288
2388
 
12125
1208
 1288
2286
 2400
 
 
1200
 1300
2275
 
 
 
1196
 
2262
 
 
 
1188
 
 
 
 
 
 
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