Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Wednesday, the 21st of November.
SLOW TRADING, UNLESS ...
It is going to be slow trading today as many traders and investors have taken off for the Thanksgiving holiday. The only fly in the ointment that would spark a major move would be an escalation of conflict in the middle east.
We do however, expect the markets to remain on the quiet side for the balance of the day. With volume down for all asset classes for the year, we see little reason for anyone to jump into the market today and begin trading.
We will not have a broadcast on Friday the 23rd. Our next broadcast will be on Monday the 26th. To all of our American members and friends, we wish you a happy Thanksgiving!
FOR THOSE OF YOU WHO WILL BE CHECKING PRICES ON THE 22nd
Watch gold, as a move over the $1,738 level basis spot gold will indicate that all is not well fiscally in the world. Should this level be breached during this shortened trading week, you should buy gold to protect your purchasing power. This could be in the form of a futures contract, an ETF (GLD or IAU), or physical gold.
OIL FLASHES A BUY TRADE TRIANGLE
On Monday, January crude oil flashed a buy signal at $89.69. This signal was generated using our successful weekly Trade Triangle strategy. Yesterday we recommended buying oil on the pullback and you should be long from $86.79 basis the January contract.
Now, let's go to the markets and see what our Trade Triangles are indicating.
Have a great trading day,
Adam Hewison
Founder & President INO.com and co-founder of MarketClub.com.
