Hello traders everywhere. Adam Hewison here, co-founder of MarketClub, with your 1 p.m. market update for Wednesday the 22nd of June.
Yesterday it was Greece, today it's Ben Bernanke and the FED. What is really going on with the equity market is that no one has strong feelings either on the upside or downside . This neutrality is reflected in our +55 reading indicating that the market remains in a trading range. Today we want to do something a little bit different, I am going to go through each of the markets quickly, and then zoom in and focus on two markets crude oil and silver. I think you'll find our analysis quite interesting and informative.
Now let's take a look at what's happening in the markets...
S&P 500: +65. The market action continues to reflect a trading range. Major downside support is at $1,250. Upside resistance begins at $1,300.
Silver: +75. We talk about this market in more detail in the video, so tune in!
Gold: +100. All systems are go for gold but the market appears to be going up grudgingly. The weekly Donchian channel has resistance at $1,575 today. Major support at $1,513.
Crude Oil: -75. We also cover this with more detail in today's video.
The Dollar Index: -80. Our indicators are still negative longer-term for the dollar. Minor support at $74.00. Major support at $73.00. Look for a test of the lower line of the Donchian channel which comes in at $73.54.
The Thomson Reuters/Jefferies CRB Commodity Index: +55. We are at the lower range of the Donchian channel and the market is oversold. We would not rule out some sort of bounce from current levels. Market remains in a broad trading range.
Don't miss out on tonight's live episode of MarketClub TV at 5:00 p.m. ET!
Every success,
Adam Hewison
President of INO.com
Co-founder of MarketClub
Sumpter, you are 100% accurate, but what you don't say is the the people are dumb enough to fall for their baloney yet AGAIN. The disaster of election 2010 was a disaster for all Americans, not just democrats. The person who comes out looking like a hero out of the last few years is none other than Nancy Pelosi, who shut the door on going after bush and dick for their crimes, sad to say, but got a lot of badly needed legislation through the House only to have it killed by the unholy alliance of obstructionist GOP and "blue dog" Democrats in the Senate.
The Democrats have to stop trying to be GOP-lite to suck up to the corporate money and start fighting hard for what America needs. Bernie Sanders, the independent from Vermont is doing it, and the Democrats SHOULD join him. Trickle down economics is NOT a failure - it has succeeded in doing exactly what was intended - enriched the plutocrats and destroyed the middle class. Raygunomics, the Laffer curve, and Fied-man economics are all total FRAUDS.
He is an IDIOT!
Be afraid be very afraid, This guy who studies the great depression "A student of" And all of a sudden we have almost the same senerio playing out! I think this guy is looking to create another depression.
IT IS OBVIOUS THAT BEN WANT'S EVERY TO BELIEVE THERE IS A RECOVERY IF YOU LOOK AT THE BALTIC DRY SHIPPING INDEX YOU WILL SEE WHAT IS REALLY HAPPENING TICKER IS $BDI {THERE IS NO RECOVERY}. UNEMPLOYMENT IS GOING TO 10.3 STOCKS WILL TANK AND TAKE COMODITYS WITH THEM BEST TRADE IS LONG US DOLLAR.
Why do we have to repopulate Market Club's sign in data fields EVERY SINGLE TIME we want to watch a complimentary video?
This has gotten waaay too tedious for my liking...
Ask Uncle Ben when you can spend yourself into prosperity?
Your exactly right about the The Pugs wanting to be of no help.
Their agenda has been to vote no on every thing that the Obama administration
tries to pass. They are obstructionist and are only concerned about them selves
and will do any thing they can to trash this economy and keep the unemployment at
high levels so they can get back in command. We all no what happened last time
they were in charge. 2010 they ran on creating jobs. What have they done to creat
jobs since the 2010 election? Zip. Nada.
They Corporations are sitting on their hands piling up money in their cofers
instead of being pro growth. They are working with the Pugs to keep the economy
and jobs in the Tank
I THINK HE wish to control the HIGHER price at commodities, inflation, expecting a strong Q2, this a political strategic.
Look.... there are a multitude of wind flapping strings in the US and World economy that have to be looked at, tidied up and brought back into the fold. Ben Bernanke is handling each one as and when it comes to his attention, but unfortunately it simply cannot be done overnight, because each interacts with all the others. My charts are suggesting a year of market sideways movement ahead. Up - Down - and finally UP. Patience is key. Also, never forget, the republicans want to win the Presidency, so if unemployment remains high, Obama is out. No help from the republicans for sure.
never trust a man in a beard
I agree with this remark wholeheartedly. This is all politics on behalf of the "Pugs" who truly wish to bring down the current administration.
Banks are sitting on trillions of dollars but won't loan it out because their claiming that the current enviroment has too much "uncertainty" and that the regulations passed by the administration are impeding growth. That's baloney!
Long and short - excessive regulation as well as NO regulation is not good. Remember what happened during the Bush era? Little regulation lead to the near economic collapse.