Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Wednesday, the 26th of September.
Apple, Apple, Apple... by now I'm sure you've heard about the iPhone5. Yes, it is a wonderful phone, but I for one will not be upgrading to the iPhone5. I know it's faster, it's thinner, it's bigger, it has an App to leap over tall buildings. But what drives the iPhone is the software. The new iOS6 operating system, which I downloaded to my iPhone on Saturday, makes me a happy camper, plus I don't want to carry something around in my pocket that is bigger. I don't see any need to upgrade to the new iPhone5, and I think I'm not alone. After the initial surge, I think sales will drop off as others may share my same feeling. I was in my local Apple store this past weekend and the store was fairly busy, but no more than normal.
Riots in Spain and Greece today prove nobody wants to take a haircut with the new austerity measures that need to be implemented to receive the benefits of the European bailout.
The big question that concerns me, is the US next? With record gun sales and a persistent unemployment problem, can social unrest be that far away? Charles Plosser, the president of the Philadelphia Fed Bank, said that he did not think that QE3 or QE Infinity is going to help the economy anytime soon. Not exactly what you want to hear from a member of the Fed, and certainly not a ringing endorsement of the Fed's policy to just chuck more money at the economy, hoping something will work.
The reality is, the strategy that the Fed has embarked on has never worked over any length of time. Only businesses, not the Government, can create lasting jobs in America.
Okay, time to get off my rant mobile.
Now, let's analyze the major markets and stocks on the move using MarketClub's Trade Triangle Technology.
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