Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Monday, the 6th of February.
Gold succumbs to gravity.
The gold market finally succumbs to gravity and flashes a caution signal.
The pause that refreshes.
After big gains in January and early February, the equity markets pause to catch their breath.
3 Stocks on the move today:
ABERCROMBIE & FITCH CO (ANF), SPRINT NEXTEL CORP (S), and HUMANA INC (HUM).
How did MarketClub's Trade Triangle technology do against these three stocks?
Remember …
DON'T FIGHT THE MARKET … MOVE WITH THE MARKET
Now, let's go to the charts and MarketClub's Trade Triangle Technology.
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S&P 500 INDEX
BIG PICTURE: Strong Trend +90
TRADE TRIANGLES: Long-Term = Bullish | Intermediate Term = Bullish | Short-Term = Bullish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100
After a strong upward move on Friday, it is not surprising that this market needs to pause and regroup before it can make another move to the upside. The $1360 level is our next immediate target zone. Look for support to come into this market around the $1330 level. Longer-term we expect this market to move up to the $1370 to $1380 level as early as May based on cyclic work. With all of our Trade Triangles green, a bull market is underway. Long and Intermediate term traders should now be holding long positions in this index with appropriate money management stops.
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Watch today’s S&P 500 Video Here.
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Suggested S&P 500 Trading Instruments:
Non Leveraged ETF’s: (Long SPY) (Short SH)
2 x Leveraged ETF’s: (Long SSO)(Short SDS)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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PERSONAL MARKETCLUB COACHING
Free consultation, Free call.
Give us a call at: 1-877-219-1482
International: 1-801-341-3981
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SILVER (SPOT)
BIG PICTURE: Trading Range +55
TRADE TRIANGLES: Long-Term = Bearish | Intermediate Term = Bullish | Short-Term = Bearish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100
With a Score of +55, this market is clearly in a trading range. The key support level in silver is $33 an ounce. Should this level give way, we can see a fast move down to the next support levels of $31 and $32 an ounce. We think this market is at the top of a trading range cycle, but has not provided conclusive proof that the cycle has indeed topped out. With our long-term monthly Trade Triangle red, we expect to see this market run out of steam around current levels. This particular indicator has done extremely well in the past. Long-term term traders should be in short positions in silver with appropriate money management stops. Intermediate term traders should be on the sidelines.
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Watch today’s Silver Video Here.
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Suggested SILVER Trading Instruments:
Non Leveraged ETF’s: (Long SLV) (Short the ETF SLV)
Leveraged ETF’s: (Long AGQ) (Short ZSL)
Futures & Options: Contracts are available to trade this market. Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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GOLD (SPOT)
BIG PICTURE: Trading Range +55
TRADE TRIANGLES: Long-Term = Bearish | Intermediate Term = Bullish | Short-Term = Bearish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100
Like silver, gold has a Score of +55 indicating that it is in a trading range. Today's action gave a short term exit signal with a red daily Trade Triangle. The gold market has major resistance between the $1760 and $1800 levels. With our long-term monthly Trade Triangle still in a negative mode, we cannot get excited about this market at the moment. We are not super bearish on this metal, however we just need further confirmation with the tools we know are successful in trading gold. Long-term term traders should be in short positions in gold with appropriate money management stops. Intermediate term traders should be on the sidelines.
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Watch today’s Gold Video Here.
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Suggested GOLD Trading Instruments:
Non Leveraged ETF’s: (Long GLD) (Short the ETF GLD)
Leveraged ETF’s:(Long UGL) (Short GLL)
Futures & Options: Contracts are available to trade this market. Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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COPPER (MARCH)
BIG PICTURE: Strong Trend +100
TRADE TRIANGLES: Long-Term = Bullish | Intermediate Term = Bullish | Short-Term = Bullish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100
With a Score of +100, we are in an strong trend for this commodity and continue to be positive on this market. As we have said in the past, copper generally reflects economic conditions, and as such is influenced by equity prices. Look for support at the $3.77 level. The market action looks as though it has created a large base to move higher in the future. Next upside target zone for copper is $4.00. Long and Intermediate term traders should now be holding long positions in this index with appropriate money management stops.
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Watch today’s Copper Video Here.
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Suggested Copper Trading Instruments:
Non Leveraged ETF’s: (Long JJC)
Futures & Options: Contracts are available to trade this market. Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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CRUDE OIL (MARCH)
BIG PICTURE: Trading Range -70
TRADE TRIANGLES: Long-Term = Bullish | Intermediate Term = Bearish | Short-Term = Bearish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100
The crude oil market (March contract) has a -70 Score, indicating an emerging trend to the downside. The long-term monthly Trade Triangle continues to be in conflict and positive on crude. It would appear for the short term we have support around the $95.50 a barrel area. A close below the $93.50 level seen on December 18th would confirm a double top, pivot point formation which would measure down to the $84 a barrel level. We do remain longer term positive on this market, however it needs to move and close over resistance at $100 to get its upside momentum into high gear. With only our monthly Trade Triangle positive, we expect we will see further market consolidation in crude oil. Long-term traders should be long this market with appropriate money management stops.
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Watch today’s Crude Oil Video Here.
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Suggested Crude Oil Trading Instruments:
Non Leveraged ETF’s: (Long USO) (Short the ETF USO)
Leveraged ETF’s: (Long UCO) (Short DTO)
Futures & Options: Contracts are available to trade this market. Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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PERSONAL MARKETCLUB COACHING
Free consultation, Free call.
Give us a call at: 1-877-219-1482
International: 1-801-341-3981
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DOLLAR INDEX
BIG PICTURE: Trading Range -55
TRADE TRIANGLES: Long-Term = Bullish | Intermediate Term = Bearish | Short-Term = Bullish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100
For the past ten days, this index has been moving between the $79.5 area on the upside and $78.5 area on the downside. The intermediate term trend is down for this market, however the longer term the trend is still positive. We expect to see some of the Fibonacci retracement levels that we discussed come into play in the days and weeks ahead. With a Score of -55, this market is in a broad trading range. The mixed picture could also mean we will see a pullback to the $78.26 level and the $77.43 level. Both of these levels represent Fibonacci retracement points of 50% and 61.8%. Long term traders should maintain long positions with the appropriate stops in place.
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Watch today’s Dollar Index Video Here.
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Suggested DOLLAR INDEX Trading Instruments:
Non Leveraged ETF’s: (Long UUP) (Short UDN)
Leveraged ETF’s: (Long) (Short)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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REUTERS/JEFFERIES CRB COMMODITY INDEX
BIG PICTURE: Trading Range +70
TRADE TRIANGLES: Long-Term = Bearish | Intermediate Term = Bullish | Short-Term = Bullish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100
A move today over the $318.95 level will give a PSAR signal indicating that this market is trying to move higher. With a Score of +70, this market is trying to develop into an emerging trend type market. Resistance is at the $320 area on the upside and support comes in at the $310 level. Our short term daily Trade Triangle has turned green indicating short term strength, however it is in conflict with our longer-term negative monthly Trade Triangle. Long-term traders should hold short positions in this index with appropriate money management stops.
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Watch today’s REUTERS/JEFFERIES CRB COMMODITY INDEX Video Here.
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Suggested REUTERS/JEFFERIES CRB COMMODITY INDEX Trading Instruments:
Non Leveraged ETF’s: (Long CRBQ) (Short the ETF CRBQ)
Leveraged ETF’s: (Long) (Short CMD)
Futures & Options: Contracts are available to trade this market. Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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PERSONAL MARKETCLUB COACHING
Free consultation, Free call.
Give us a call at: 1-877-219-1482
International: 1-801-341-3981
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This is Adam Hewison for MarketClub and I'll see you tomorrow with my mid-day update. Have a profitable trading day.
Take care everyone,
Adam Hewison
President INO.com and co-founder of MarketClub.com
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IMF is running Greece now, sadly.
Steve Starr, Yep, that is what is needed, liquidation of Greek debt and Egregious banking practices...it's called de-leveraging! Mr. Margin is calling!
ANF...whoa! Could it be? Are parents shutting down their kids shopping sprees?
The end of the fourth quarter will arrive on March 20th, when the next EUR 14.5 billion bond payment is due by Greece. Greece's creditor banks broke off talks after failing to agree with the government about how much money investors will lose by swapping their bonds. Liquidation of the Greek Govt bonds would force liquidation of many big European banks . . . The Greek Govt Bond losses will be total.
The Greek people were openly denied a simple Yes or No vote on the austerity measures the Greek government has agreed upon. A democratically elected government was removed from power in Italy, when it dared to demand such a vote. The Italian debt deals were agreed to by an unelected puppet government, hand picked and installed by the European Union and the Euro Central Bank, a government headed by a person who comes from Goldman Sachs.