Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Friday, the 11th of October.
I first learned about the real meaning of WTF while I was a member of the Chicago Mercantile Exchange, back when I was trading in the pits, standing shoulder to shoulder with some of the smartest traders in the world.
It was back when the movie Star Wars was all the rage and George Lucas was at the height of his very successful, creative career. The iconic line from the movie that struck a cord with everyone was, "May the force be with you."
How that quote made it into the trading pits of Chicago will always be a mystery to me. The members of the exchange took WTF, a slang term, and translated that to stand for "What's The Force?", loosely interpreted to mean, is the force up or down for the market? This term was especially common on Fridays when traders had to decide whether they were going to hold or fold their positions over the weekend.
Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Thursday, the 10th of October.
Yes, I believe that the current correction has come to an end with yesterday's market action. Markets are heavily oversold at this point and I expect to see a relief rally starting today.
Several of our MarketClub members stated that they expect to see some sort of agreement out of Washington in the next few days. I happen to agree with their thoughts and if that happens, it could instantly repair the downside pressure on the markets.
Apple (NASDAQ:AAPL) is looking more and more interesting, particularly if it closes today over the $491.10 level. Should this happen, it will have created a mini base in which to propel Apple to my "line-in-the-sand" level at $497. Apple could go into overdrive if this level is broken on the upside any time this week. Continue reading "Is The Market Correction Over?"→
This morning as I was looking over the news, I read with interest that Carl Icahn had taken a 6% stake in Talisman Energy Inc (NYSE:TLM). Talisman Energy is a large Canadian energy company.
On October 1st, the Trade Triangles flashed a major buy signal for Talisman Energy at $11.95. I suspect that this was partly due to the price action that was reflected by Mr. Ichan's purchase of Talisman shares.
1.All Time High. (2) 12 Month Base. (3) +(4) Double Bottom. (5) Trade Triangle Buy at $11.95.
What is also interesting is how Mr. Icahn picks stocks like Talisman Energy. I have witnessed the same actions in play in several other stocks that Mr. Icahn has purchased in the past 12 months. Stocks like Apple, Netflix, Herbalife, and most recently, Talisman, all display similar characteristics. I suspect that the technicals play a part in his overall approach to the market. The timing of Mr. Icahn's stock purchases are amazingly close to the timing of our Trade Triangle buy signals.
Today, we are looking at a chart of Talisman Energy and the stock action looks good from a technical viewpoint, as well as from our Trade Triangles. The potential for this market to go significantly higher is there, in my opinion. Of course, I will be using our Trade Triangles for money management to exit this position, should it not work out the way I expect it to.
As always, please share your thoughts with us on this or any other market.
Adam Hewison
President, INO.com
Co-Creator, MarketClub
Yesterday, I went to the Apple(NASDAQ:AAPL) store to ask them about the new iPhone 5S and to see if they had any in stock. I was told that they no longer sold the iPhone in the store and that I had to order one online. I was somewhat taken aback by this, but then it all sort of made sense to me when I thought about it.
I think the demand for the iPhone 5S, the gold edition in particular, has been off the charts and I think we're going to see a tremendous number of iPhone sales in the fourth quarter. Having checked out the Apple store, I decided to go to Best Buy to see what they had in the iPhone 5S market. It was pretty much the same story, you have to order online and you can pick it up at the store. This makes a lot of sense because Apple can then deliver what people want based on their online orders. This allows Apple to ramp up its production to meet demand.
Technical Analysis of Apple , using Trade Triangles, Fibonacci and classic technical analysis.
CHART LEGEND
1) Double Bottom
2) Pivot Point
3) Target Zone from Pivot Point
4-5) Measurement for Fibonacci Retracement
6) 50% Fibonacci Retracement
7) Line In The Sand - $497
8) Trade Triangles
The market action recently for Apple (NASDAQ:AAPL) has been choppy, which I believe is a good thing, as Apple sets itself up to move higher. I have been looking for Apple to move to the $550-$560 area or higher. That target zone is still in effect. The battle lines are drawn and I know that if the market does not rally strongly today, the new trigger point for Apple next week is going to be the $497 level. Once over that level, this market could take off and move very quickly to higher levels.
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Doubtless, you may have heard some of the problems that have been circulating in the press about the new iPad retina displays, and that they're going to be delayed coming to market. This is likely just a technical glitch that could have been caused by one supplier. I think that demand for the smaller 7in retina iPad is going to be very big both here and overseas.
Lastly, like thousands of loyal Apple fans, I still don't have an iPhone 5S Gold, but I want one. I guess I'm going to have to break down and order online and wait for it to be delivered to the local Apple store. One thing I am really enjoying a great deal is the new iOS7 operating system. Apple has done a masterful job of changing its old and aging operating system into one that really is cutting-edge. The fact that it can run on the new 64-bit A7 chip and the old 32-bit chip is a testimonial to Apple's technical expertise.
As you can see on the chart, I have drawn a line in the sand for Apple and when this line is crossed it will turn our intermediate weekly Trade Triangle green, indicating a resumption of Apple's strong and longer-term uptrend.
If you have any comments or thoughts on Apple, I would love to hear from you!
Have a great weekend everyone and let's watch Apple closely next week, it could be a good one.
All the best,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for the last day of the month and quarter, Wednesday the 2nd of September.
The NASDAQ Is On Fire!
There's no doubt about it, the NASDAQ is and has been the strongest index out of the three indices we track. The NASDAQ index is being driven by the likes of Apple (NASDAQ:AAPL), Tesla (NASDAQ:TSLA), Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX) and many other internet and tech stocks.
Is this trend likely to continue? I believe it will continue and I am looking for higher levels in all of these markets, providing that our Trade Triangle technology is in agreement.
Is Gold A Buy Right Here?
Our Trade Triangles have enjoyed a great deal of success trading in gold over the last several years.
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Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Friday, the 11th of October.
