Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday, the 1st of March.
Retailers rock with same store sales!
GAP INC (GPS) and J.C. PENNEY (JCP)
Did our Trade Triangle Technology get it right on these retailers?
Have we found a bottom in Crude Oil?
We take a closer look at crude oil. Is the correction over?
Now, let's analyze the markets using MarketClub's Trade Triangle Technology.
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S&P 500 INDEX
BIG PICTURE: Strong Trend +100
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish
We are impressed at this market's ability to maintain itself over the $1365 level. A close today at current levels, around $1373, would be a new high close for the move. Longer-term we expect this market to move up to the $1550 to $1600 level by late May, early June based on our cyclic work. With all three of our Trade Triangles green, a bull market is underway. Long and Intermediate term traders should be holding long positions in this index with appropriate money management stops.
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See suggested S&P 500 trading instruments HERE.
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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: Strong Trend +100
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bearish
There is no doubt this market damaged itself yesterday when it created a negative engulfing line to the downside. At the moment, we have an interim top just over the $37 level and should this market closed lower today, it will confirm the top is in place for silver. Our long-term monthly Trade Triangle remains positive on silver. This particular indicator has done extremely well in the past. Long and intermediate term traders should be holding long positions in silver with appropriate money management stops.
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See suggested SILVER trading instruments HERE.
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GOLD (SPOT)
BIG PICTURE: Trading Range +50
TRADE TRIANGLES: Monthly = Bearish | Weekly = Bearish | Daily = Bearish
A lower close in gold today would confirm yesterday's negative engulfing line. We would not rule out a pullback in gold to the $1,650 level. With all our Trade Triangles negative we expect this market to move lower. Long-term and intermediate term traders should be in short positions in gold with appropriate money management stops.
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See suggested GOLD trading instruments HERE.
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COPPER (MAY 2012)
BIG PICTURE: Emerging Trend +75
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bearish
The copper market tends to track economic conditions, so when things are good in the equity markets, it normally translates into higher copper prices. With a Score of +75, the copper market is vacillating between a trading range and an emerging uptrend. We continue to view the longer-term trend in copper as positive. Look for support this week at the $3.85 level. The market action looks as though it has created a large base to move higher in the future. Long term traders should be holding long positions in this index with appropriate money management stops.
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See suggested COPPER trading instruments HERE.
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CRUDE OIL (APRIL 2012)
BIG PICTURE: Strong Trend +100
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish
As mentioned yesterday on the MarketClub TV, we felt that Wednesday would be a perfect buying opportunity in crude oil. That turned out to be the case and we remain very positive on this market. We are expecting oil to regroup over the $105 level and generate enough energy to push it to new highs over the $110 area. We are looking for crude oil to make its highs probably somewhere in the May period. With a Score of +100, this market is in a strong trend to the upside. We remain longer term positive on this market. With our monthly, weekly and daily Trade Triangles in a positive mode, we expect we will see further gains in crude oil. All traders should be long this market with appropriate money management stops.
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See suggested CRUDE OIL trading instruments HERE.
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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: Monthly = Bullish | Weekly = Bearish | Daily = Bullish
Possible negative engulfing line on the Euro and a positive engulfing on the dollar index, which would be the reversal if confirmed tomorrow with a close in the same direction. With a Score of -55, this market is once again in a trading range. Long term traders using our monthly Trade Triangles should maintain long positions with the appropriate stops in place.
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See suggested DOLLAR INDEX trading instruments HERE.
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REUTERS/JEFFERIES CRB COMMODITY INDEX
BIG PICTURE: Strong Trend +85
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bearish
As we mentioned in yesterday's comments, the pullback that was seen was more likely a buying opportunity. This in fact turned out to be the case as this market put in a very positive performance so far today. With a Score of +85, we expect to see this market hove higher. Look for any pullbacks to be met by good support. Long-term and intermediate term traders should hold long positions in this index with appropriate money management stops.
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See suggested REUTERS/JEFFERIES CRB COMMODITY INDEX trading instruments HERE.
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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,
Adam Hewison
President INO.com and co-founder of MarketClub.com
how do I access the actual video?? trying to access the 'magic of company earnings' and seem to be caught in a 'loop' when I click on the link...you think I'd be able to figure this out...little help???
John,
I see that your a MarketClub member. To access the video go to your MC Homepage. On the right side of the page is a section labeled Member Tutorial and Video Tools. The video is the update from yesterday Full Version. It's the second video down on that section.
Cheers,
Jeremy