Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday the 15th of March.
The U.S. and the U.K. are considering a release of strategic oil reserves. Oh, come on, like that's really going to help. In the U.S. there is no long term energy plan that changes the energy game. Last time we released strategic reserves the market dip lasted 3 days.
Today's Winning and Losing SECTORS
CONSUMER GOODS: -0.00% <<<
SERVICES: +0.55%
HEALTHCARE: +0.51%
ENERGY: -0.36% <<<
TECHNOLOGY: +0.70%
FINANCIAL: +0.81%
INDUSTRIAL GOODS: +0.46%
MATERIALS: +0.43%
UTILITIES: -0.47% <<<
3 Stocks on the move today
CSX Corp (CSX), Coffee Holding Co Inc (JVA) and Advanced Micro Devices Inc (AMD)
Did MarketClub's Trade Triangle technology get it right on these 3 stocks?
Now,let's analyze the major markets and stocks on the move using MarketClub's Trade Triangle Technology.
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S&P 500 INDEX
BIG PICTURE: Strong Trend +100
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish
As we mentioned yesterday, this market is going to close higher for the week, unless there is a disaster on Friday. With a trading score of +100 this index is in a strong upward trend. Long-term and intermediate term traders should remain positive on this index. Longer-term we expect this market to move up to the 1550 to 1600 level and that could happen by late May early June based on our cyclic work. With both our monthly and weekly Trade Triangles green we are in full bullish mode.
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See suggested S&P 500 trading instruments HERE.
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ONLY 12 Days to go! You can NOT afford to miss this!
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SILVER (SPOT)
BIG PICTURE: Emerging Trend -60
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bearish
We remained negative on silver and expect to see this market continue under pressure for the balance of the month. A 61.8% correction in Fibonacci terms takes this market back down to the 30.40 area on the spot market. With a trading score of -60 the is in an emerging trend to the downside. Only our long-term and daily Trade Triangles remains positive on silver. This particular indicator has done extremely well in the past. Long term traders should now be holding long positions in silver with appropriate money management stops.
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See suggested SILVER trading instruments HERE.
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GOLD (SPOT)
BIG PICTURE: Strong Trend -90
TRADE TRIANGLES: Monthly = Bearish | Weekly = Bearish | Daily = Bearish
This market seems destined to move down to test the 1620 area which is close to the 61.8% Fibonacci retracement level of 1617.34. With a trading score of -90 this market is in a strong downward trend. We are expecting gold to be on defensive for the balance of March. Presently we are negative on gold and we expected to trade down to lower levels. With all three of our Trade Triangles negative we expect this market to move lower. Long-term and intermediate term traders should be in short positions in gold with appropriate money management
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See suggested GOLD trading instruments HERE.
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COPPER (MAY 2012)
BIG PICTURE: Trading Range +75
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bullish
A higher close today in copper negates the negative engulfing line. We continue to view the longer-term trend in copper as positive. The market action looks as though it has created a large base to move higher in the future. Long term traders should now be holding long positions in this index with appropriate money management stops.
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See suggested COPPER trading instruments HERE.
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CRUDE OIL (APRIL 2012)
BIG PICTURE: Trading Range -70
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bearish
As we have stated before the 104 area is an area of support for the April contract. Today's non announcement rumor of strategic oil reserves being released by Britain and the US push this market down to the 104 support level. We still believe that this market is going to move higher. We continue to like the chart formation which we believe will eventually push this market higher until early April. We are looking for crude oil to make its highs probably somewhere in the April May period. With a trading score of -70 we believe this market is regrouping to move higher later in the month. With our monthly trade triangles in a positive mode, we expect to see further gains in crude oil. Long term traders should be long this market with appropriate money management stops.
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See suggested CRUDE OIL trading instruments HERE.
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ONLY 12 Days to go! You can NOT afford to miss this!
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DOLLAR INDEX
BIG PICTURE: Strong Trend +90
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish
With all of our trade triangles in a positive mode we expect this market to move higher. A trading score of +90 indicates that the dollar remains king despite todays pullback. We are looking for this market to move higher in the future. Long term and intermediate term traders using our trade triangles should maintain long positions with the appropriate stops in place.
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See suggested DOLLAR INDEX trading instruments HERE.
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REUTERS/JEFFERIES CRB COMMODITY INDEX
BIG PICTURE: Emerging Trend +80
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish
For the past eight days of this index has been moving sideways as it regroups to move higher. A move and close over 318 on Friday we would consider to be bullish. As we mentioned last week the $314/$315 area is probably a buy at this point in time. Look for pullbacks to be met by good support at that level. Long-term and intermediate term traders should hold long positions in this index with appropriate money management stops.
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See suggested REUTERS/JEFFERIES CRB COMMODITY INDEX trading instruments HERE.
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ONLY 12 Days to go! You can NOT afford to miss this!
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This is Adam Hewison for MarketClub, I'll see you tomorrow, have a profitable trading day.
Take care,
Adam Hewison
President INO.com and co-founder of MarketClub.com
Sorry about the "not enjoying." Meant to say that I
AM enjoying your presentations.
Hi Adam,
I just want to tell you how much I am enjoying your daily Marketclub blog.
I like the way you are pointing out patterns and giving us an idea of a target, giving us resistance areas and where a breakout may occur, just generally your overall presentation. I also learned last night at the PMI education seminar about back testing and how to use Marketclub to back test trades. I am looking forward to practicing trades. The smart scan presentation was very good. I enjoy the education classes especially when they give us more instruction on the use of the Marketclub site.
I am confused about USO. We got a weekly sell today, but on the daily show Adam indicated we should stay in??????? Should we sell or trade the monthly signal?
Watson,
If your a long term trader following the Monthly Trade Triangles you are still in a long position. If your an intermediate term trader following the Monthly/Weekly Trade Triangles you are now on the sidelines based on an exit signal by a red Weekly Trade Triangle.
Best,
Jeremy
Thanks Jeremy!
I am an intermediate term trader, but chose to make an exception and stay in USO by using the monthly triangles to trade USO only. Got it. Thanlks again.