Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Tuesday, the 23rd of October.
It is as if the world just woke up from a fantasy dream and they are seeing the markets for the first time through reality glasses.
According to comments made this morning from the Head of the Bank of Israel, Stanley Fisher, the "world is close to recession". He just might be right.
You know what I am going to say next…
Using our Trade Triangle technology, not knowing what the head of the Bank of Israel was going to say this morning, you would have missed the current downdraft in the major markets today and yesterday. In fact, you would have been on the sidelines for the past two weeks! Taking a position on the sidelines, is a position in and of itself. With a sidelines position you are protecting your capital from uncertainty which is clearly the concern of many investors today.
How ironic, it was only yesterday that we indicated that the stock market was up 15% for the year. At the markets current rate of fall we could be unchanged or even lower by the end of the year.
Today's market action signifies there's still a great deal of uncertainty in investors' minds about the economy, not just here in the US, but globally.
We will also be looking at Yahoo, remember Yahoo? Well, it's a whole new game with their new CEO, Marissa Mayer, but has anything really changed?
It's not too late to get my latest e-book! It's free, so what are you waiting for?
QUICK TAKE ON THE MARKETS:
S&P 500: Trading range. The major trend remains positive according to our Trade Triangle technology for the S&P 500. Psychological support at $1,400.
CLOSED LAST FRIDAY AT: $1,433.19
CRUDE OIL (Dec): Trading range. The long-term trend is positive. Intermediate-term trend based on our Trade Triangle technology remains negative. Major support at $84 a barrel on the December contract.
CLOSED LAST FRIDAY AT: $90.60
EURO (Spot): Positive trend for the Euro. Two of our Trade Triangles are green and are bullish for the Euro. Concerned that we're putting in a potential twin peak in to the Euro. Pay close attention to the weekly Trade Triangle.
CLOSED LAST FRIDAY AT: 1.3023
GOLD (Spot): Long-term monthly Trade Triangle positive. Look for support around the $1,700 level. A move over the $1,730 level turns the momentum back to the upside. Only our long-term monthly Trade Triangle is green and bullish on gold.
CLOSED LAST FRIDAY AT: $1,718.00
COPPER (Dec): Only our long-term monthly Trade Triangle is green and bullish on copper. Support at $3.5500 which is the mid point of the Donchian Channel.
CLOSED LAST FRIDAY AT: $3.6320
SILVER (Spot): Only our long-term monthly Trade Triangle is green and bullish on silver. Watch the $32.50 level. A move over that level signifies a rally.
CLOSED LAST FRIDAY AT: $32.04
WILD CARDS: US Election, Terrorism, Syria, Turkey, Israel, the Fiscal Cliff, Greece and Europe.
Every success in trading and have a great day.
Adam Hewison
Founder & President INO.com and co-founder of MarketClub.com.
I am a U.S. Citizen living in Canada. I voted for Romney about 2 weeks ago. A few months ago Obama sent Hillary Clinton to the UnitedNations to sign an agreement on behalf of The United States to furnish all military protection for the U.S.A. You can kiss
your second amendment goodbye. The UN will be available to collect all civilian firearms.
The U.S.A. has no democratic party,it is a socialest party. We have a socialest party
in canada. Its called the N.D.P. New Democratic Party. All former military personnel
will be added to the other millions of unemployed people.
I think there will be a resistance to this, and if there is, Obama can declare a state of
emergency. Obama's next step is to declare martial law. Under martial law there can be no elections held. AM I GETTING THRU TO ANYONE DOWN THERE?
If this is of interest to you, go Google and lookup Obama's Executive Orders and see
what he has waiting for you on January 1.st