Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 2nd of March.
Gold is not shining right now.
Did our Trade Triangle Technology get it right on gold?
Has Crude Oil Topped out?
We take a look at crude and get a feel for this market's next move.
3 Stocks on the move today:
SARA LEE CORP (SLE), WYNN RESORTS (WYNN), and CARMAX INC (KMX).
Did MarketClub's Trade Triangle technology get it right on these three stocks?
Now, let's analyze the markets using MarketClub's Trade Triangle Technology.
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S&P 500 INDEX
BIG PICTURE: Strong Trend +90
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish
We remain positive on this market, however should this market close at $1365 today, we would suspect that it has put in an interim top. 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 +90
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bearish
We would view a close today below $34.40 as further evidence that this market isn't in a corrective phase. 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 -60
TRADE TRIANGLES: Monthly = Bearish | Weekly = Bearish | Daily = Bearish
Presently we are negative on gold and we expect it to trade down to much lower levels. 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: Trading Range +65
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bullish
The copper market has had huge volume today and we suspect that for the moment we may put in an interim high. 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 now 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: Emerging Trend +75
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bearish
We are expecting oil to regroup over the $105 level and generate enough energy to push it to new highs. We are looking for crude oil to make its highs probably somewhere in the May period. With a Score of +75 this market is in an emerging trend to the upside. We remain longer term positive on this market. With our monthly and weekly 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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DOLLAR INDEX
BIG PICTURE: Emerging Trend +75
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bullish
The next major level of resistance for the dollar index is $80.00. With a Score of +75, this market is once again in an emerging uptrend. 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: Emerging Trend +75
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bearish
We are looking for the $320 area to act as support for this index. 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 +75, we expect this market to move 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 weekend update. Have a profitable trading day.
Take care,
Adam Hewison
President INO.com and co-founder of MarketClub.com
I also would like to learn more about KOG
When silver's long term TT was negative, silver was going up. And when the TT reversed and became positive, silver is going down. Not sure about the claim that "this particular indicator has done extremely well in the past".
May be silver behaves differently as compared to other comm and difficult to predict based on these triangles.
Bala,
Good point. The key thing to remember is Long-Term ... we can have a pull back and still be in a bull trend. The jury is still out on silver at the moment.
Thanks,
Adam
I hope so Adam. I went long close to $34. Have lost quiet a bit in the last 2 days. Close to my SL now.
In a recent 1 p.m. update you mention the power of earnings. Is it MC strategy to trade through earnings provided that the TTs are in your favour in the buildup?
On the next Wednesday show I would like for you to look at Kodiak Oil & Gas (KOG).
Thanks
MK