Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 9th of March.
Stocks making new 52 week highs on a Friday:
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SMITH & WESSON HOLDINGS (SWHC)
DR HORTON (DHI)
TOLL BROS (TOL)
LENNAR (LEN)
PULTEGROUP (PHM)
LIZ CLAIBORNE (LIZ)
US BANCORP (USB)
CLEAN ENERGY FUELS (CLNE)
DISCOVER FINANCIAL (DFS)
We review today's market action with a very objective eye.
3 Stocks on the move today:
Starbucks (SBUX), DR Horton (DHI), and Green Mountain Coffee Roasters (GMCR).
Did MarketClub's Trade Triangle technology get it right on these three stocks?
SECTORS on the move today:
CONSUMER GOODS: +0.62%
SERVICES: +0.44%
HEALTHCARE: +0.81%
ENERGY: +0.83%
TECHNOLOGY: +0.63%
FINANCIAL: +0.91%
INDUSTRIAL GOODS: +1.30%
MATERIALS: +2.08%
UTILITIES: +0.68%
Now, let's analyze the markets using MarketClub's Trade Triangle Technology.
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S&P 500 INDEX
BIG PICTURE: Emerging Trend +75
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bullish
This index bounced right back and is within striking distance of making new highs for the move. We still want to maintain our slightly neutral position for intermediate term traders. Long-term term traders should remain positive on this index. Next week, look for excellent support to come in around $1,340 area, which I think will be enough to support this market. Longer-term we expect this market to move up to the $1,550 to $1,600 level by late May, early June based on our cyclic work. With two of our Trade Triangles green, a caution is warranted in the near term. Long term traders should remain long in this index with appropriate money management stops.
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See suggested S&P 500 trading instruments HERE.
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PERSONAL MARKETCLUB COACHING
Free consultation, Free call.
Give us a call at: 1-877-219-1482
International: 1-801-341-3981
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SILVER (SPOT)
BIG PICTURE: Trading Range +55
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bullish
Today's rally in silver created a Score of +55, indicating that this market is back in a trading range in the near term. A 61.8% correction takes this market back down to the $30.40 area on the spot market. We continue to think this market can and will move lower until the end of the month. Only our long-term monthly Trade Triangle remains positive on silver. This particular indicator has done extremely well in the past. Long term traders should 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: Emerging Trend -75
TRADE TRIANGLES: Monthly = Bearish | Weekly = Bearish | Daily = Bullish
With a Score of -75, this market continues to be on the defensive. This market seems destined to move down to test the $1,620 area, which is close to the Fibonacci retracement level of $1,617.34. 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 much lower levels. We would not rule out a pullback in gold to the $1,650 level, which represents a 50% Fibonacci retracement. With two 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 -55
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bullish
The key areas to watch next week will be the $3.70 to $3.75 levels. A move below these two areas will cause serious damage to this market which will take a long time to repair. With a Score of -55, copper is in a trading range. 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: Strong Trend +100
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish
Should we close at current levels in crude oil, it will be the second highest close we have seen on the weekly charts. The crude oil market continues to regroup and gather energy to move to new highs, in our opinion. This market has a strong support area around the $104-$105 level. We continue to favor the long side of this market and expect it will improve into early April. See our special report on crude oil HERE . We are looking for crude oil to make its highs probably somewhere in the April May period. We remain longer term positive on this market. With all of our Trade Triangles in a positive mode, we expect to see further gains in crude oil. All 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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DOLLAR INDEX
BIG PICTURE: Strong Trend +100
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish
A close today around current levels will be the highest weekly close we have seen in this index in six weeks. With a Score of +100, this market is once again in a strong trend. 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
As we mentioned yesterday, the $314-$315 area is probably a buy at this point in time. Look for any further pullbacks to be met by good support. 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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PERSONAL MARKETCLUB COACHING
Free consultation, Free call.
Give us a call at: 1-877-219-1482
International: 1-801-341-3981
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This is Adam Hewison for MarketClub and don't miss this weekend's update! Have a profitable trading day.
Take care,
Adam Hewison
President INO.com and co-founder of MarketClub.com
Strong uptrend in $US - but long silver while we short gold?? - R-I-I-I-G-H-T! The correlation that silver would go up while gold goes down and the dollar remains strong is historically invalid - except when the Hunt brothers cornered the market. So at least one of those calls is dead wrong over the mid term. The gold/silver ratio moves, but not often in opposite directions.
Don't know much about trade triangles--but if the weekly on GMCR turned neg. thurs. would that be after the close ? If so, not a 10 point profit.
Mike,
The Trade Triangles are placed on the chart intra-day as soon as our algorithm is triggered on a monthly, weekly or daily level. The price and the date are placed above/below the signal. The scan will pick up the algorithm’s trigger and place the triangle on the respective chart.
Best,
Jeremy
Stocks making new 52 week highs on a Friday [!!??]
S&P 500 INDEX
BIG PICTURE: Emerging Trend +75
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bullish
This index bounced right back and is within striking distance of making new highs for the move.
Stocks making new 52 week highs on a Friday
Isn't it WONDERFUL what The FED can do with a FEW MEASLY 3-4 trillion dolars?