Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 19th of October.
The sad news is I don't think it has. A panic, is a panic, is a panic. The reality is when everybody wants out of the market at the same time there are not enough doors open to stop a mass exodus. That is the history and nature of market crashes and it is why they are called panics.
Now for the good news, with our Trade Triangle technology you will be alerted before a panic takes place. Such was the case in 1987 and also in 2007.
I have just finished a new eBook that can help you avoid panics and crashes and you are welcome to download it with our compliments. The file is pretty big, so please be aware it may take a few minutes to download.
“Five Professional Stock Trading Rules That Will Make You Successful In Any Market”
Members of MarketClub were able to exit positions in 2007 with a profit and avoid the market's treacherous downdraft. In fact, many members of MarketClub made money on the short side of the market. Often times shorting the market is a faster way to make money, rather than being long the general market.
APPLE, INC (AAPL) : The market has pulled back over 10% and is now at a key Fibonacci retracement level. The intermediate trend is down, and Apple is set to announce earnings next week. Should you buy today? We will explore that question in today's video.
QUICK TAKE ON THE MARKETS:
S&P 500: Trading Range. The trend is your friend and the major trend according to our Trade Triangle technology is still positive for the S&P 500.
CLOSED LAST FRIDAY AT: $1,428.59
CRUDE OIL (Dec): On our watch list. The long-term trend is positive for crude and the intermediate-term trend remains negative based on our Trade Triangle technology. Watch this one closely.
CLOSED LAST FRIDAY AT: $92.20
EURO (Spot): All systems are go. All three of our Trade Triangles are green and are bullish for the Euro. Watch the resistance at the 1.3160 level. Target zone of 1.3500.
CLOSED LAST FRIDAY AT: 1.2940
GOLD (Spot): Long-term monthly Trade Triangle positive. Look for support around the $1,700 level. A move over the $1,760 level turns the trend back to the upside. Only our long-term monthly Trade Triangle is green and bullish on gold.
CLOSED LAST FRIDAY AT: $1,753.80
COPPER (Dec): Only our long-term monthly Trade Triangle is green and bullish on copper. Support is at $3.6500.
CLOSED LAST FRIDAY AT: $3.6995
SILVER (Spot): Support is at $31.30. Only our long-term monthly Trade Triangle is green and bullish on silver.
CLOSED LAST FRIDAY AT: $33.40
WILD CARDS: Gut feeling for this weekend or next is that something big is going to happen. Here are the usual suspects: Syria, Turkey, Israel. The general election, Fiscal Cliff, Greece and Europe.
Every success in trading and have a great weekend.
Adam Hewison
Founder & President INO.com and co-founder of MarketClub.com.
