Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Monday, the 15th of April.
The Meltdown in Gold Continues
As it occured on Friday, a close below the $1,500 level would not be a good sign for this once precious metal. Reports this weekend that Cyprus will be selling $500,000,000 in gold also put downside pressure on this market. I continue to see this market under pressure and headed lower.
Watch Today's Video Update Here
Crude Oil Breaks Below $90!
Commodity prices continue to contract and oil prices were not immune to this growing bear trend. Crude oil, after flashing a negative weekly Trade Triangle on Friday, continued to fall this morning with a move below the $90 level. I will be analyzing what's going on with this market today using our Trade Triangle technology.
The S&P 500 and NASDAQ
Earnings season heats up this week, with 74 companies in the S&P 500 scheduled to report Q1 results.
I am often reminded that they don't ring a bell at the top of the market, and they won't ring a bell at the top of this current bull market in indices. Yes, the markets are overbought and have been for some time and they can continue to remain overbought for as long as the Fed is feeding the beast with $85 billion a month! It may take a "black swan" event to change direction and top out this market, only time will tell.
A Slowdown in China?
Gross domestic product grew 7.7% over the previous year during the first quarter, the National Bureau of Statistics reported Monday. It was a disappointment to the markets as most economists had predicted a growth rate of 8%. The perceived slowdown in China has put pressure on commodity prices around the world this morning.
Dish Network Wants to Buy Sprint
This morning, satellite-TV provider Dish (NASDAQ_DISH) Network made a $25.5 billion bid to buy Sprint Nextel (NYSE_S), the number three wireless carrier in the US. Dish is offering $4.76 in cash and about $2.24 in DISH stock based on last Friday's close. We will look at both stocks today.
Watch Today's Video Update Here
Potential Chaos Ahead
North Korea - ticking down towards ...
Japan - Kuroda will do whatever it takes ...
Europe - Cyprus, Portugal and Ireland - economic risk
The FED - Hints QE is coming to an end
May 19th – Debt ceiling suspension expire
Have a great trading day,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
Adam appears frequently on the following financial news channels as a guest expert. Click on any cable logo to watch Adam's latest appearance.
