Daily Update: Gold Takes a Hit

Hello traders everywhere! Jeremy Lutz here with your mid-day market update for Tuesday, the 8th of May.

While Adam is away we will be providing the daily update in written form each day, with videos on Monday, Wednesday, and Friday each week.

DailyXchange
Post and prosper with other MarketClub members everyday.

DON'T FIGHT THE MARKET … MOVE WITH THE MARKET!

TODAY'S MARKET MOVING SECTORS:
Percentage changes in stocks are relative to the S&P 500

CONSUMER GOODS: -1.91% Top Stock GMCR +2.81%
SERVICES: -1.49% Top Stock HSIC +3.90%
HEALTHCARE: -1.01% Top Stock VRTX +5.90%
ENERGY: -1.96% Top Stock RES +2.78%
TECHNOLOGY: -1.95% Top Stock CTSH +5.67%
FINANCIAL: -0.94% Top Stock NLY +2.05%
INDUSTRIAL GOODS: -1.62% Top Stock HEI +2.02%
BASIC MATERIALS: -1.89% Top Stock SZYM +6.61%
UTILITIES: -0.19% Top Stock NVE +5.24%

Now, let's analyze the major markets and stocks on the move using MarketClub's Trade Triangle Technology.
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S&P 500 INDEX

Monthly Long-Term Trend = Bullish
Weekly Intermediate Term Trend = Bearish
Daily Short-Term Trend = Bearish

With a Score of -70, this index is in an emerging trend. With our long-term monthly Trade Triangle green, we remain longer term positive on this market. Intermediate-term traders and Short-term traders are in short position based on a NEW red weekly Trade Triangle today.
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See suggested S&P 500 trading instruments HERE.
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SILVER (SPOT)
Monthly Long-Term Trend = Bearish
Weekly Intermediate Term Trend = Bearish
Daily Short-Term Trend = Bearish

With a Score of -100, silver is in a strong downtrend. Long-term traders should be in short positions in silver based on a recent red monthly Trade Triangle with appropriate money management stops. Intermediate-term and short-term traders are also in a short position with appropriate money management stops .
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See suggested SILVER trading instruments HERE.
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GOLD (SPOT)
Monthly Long-Term Trend = Bearish
Weekly Intermediate Term Trend = Bearish
Daily Short-Term Trend = Bearish

With a Score of -100, the gold market is in a strong downtrend. All traders should still 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 (July 2012)
Monthly Long-Term Trend = Bullish
Weekly Intermediate Term Trend = Bullish
Daily Short-Term Trend = Bearish

With a Score of +55, this market is in a trading range. We continue to view the longer-term trend in copper as positive. Long-term and intermediate-term traders should be holding long positions in this metal with appropriate money management stops. Short-term traders are in a sidelines position. Key level for weekly Triangle reversal at $3.577
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See suggested COPPER trading instruments HERE.
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CRUDE OIL (June 2012)
Monthly Long-Term Trend = Bearish
Weekly Intermediate Term Trend = Bearish
Daily Short-Term Trend = Bearish

With a Score of -100, this market is in a strong downtrend. All traders should be in short positions in crude oil with appropriate money management stops.
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See suggested CRUDE OIL trading instruments HERE.
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EURO vs USD (SPOT)
Monthly Long-Term Trend = Bearish
Weekly Intermediate Term Trend = Bearish
Daily Short-Term Trend = Bearish

With a Score of -90, the Euro is in a strong downtrend. Long-term traders using our Trade Triangle Technology should maintain short Euro positions with the appropriate stops in place. Short-term and intermediate-term traders are now in a short position on the recent red weekly Trade Triangle.
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See suggested EURUSD trading instruments HERE.
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REUTERS/JEFFERIES CRB COMMODITY INDEX
Monthly Long-Term Trend = Bearish
Weekly Intermediate Term Trend = Bearish
Daily Short-Term Trend = Bearish

With a Score of -100, this market is in a strong downtrend. All traders should be in short 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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This is Jeremy Lutz for MarketClub, wishing you every success in trading. Be sure to post on the "DailyXchange" on your new Members Blog.

Jeremy Lutz

MarketClub.com