Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 18th of January.
Looks like gas is going to start getting more expensive, a lot more expensive. Yesterday, the crude oil market broke above some important key technical levels according to our Trade Triangles. Crude oil also broke through a long term negative trend line. We now expect crude oil to make its way up to the $100 a barrel level. This will translate into much higher gas prices at the pump.
Whether this changes the current positive market climate for stocks remains to be seen, but as always, we will rely on our tried and trusted Trade Triangle technology to show us the way.
We will also be taking a close look at Apple today. Should we see this stock close below $500 a share, it will be the first time that Apple has closed on a Friday below $500 in almost a year, not a good sign for this market.
It looks as if silver and gold are on the move to the upside. The treasury ran out of silver, as demand from investors reached its highest level in five years. Let's see how our Trade Triangles are looking at both of these metals today.
We will also be analyzing some early movers, INTC, MS, and NFLX.
Let us know what you think. Feel free to make a comment on this blog.
Also be sure to check Smart Scan for new 52-week highs. We should be seeing some good weekend trading opportunities take place this Friday.
Have a great trading day,
Adam Hewison
President INO.com and co-founder of MarketClub.com.
