Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Friday, the 28th of June.
Fibonacci Had It Right!
The recent recovery from the lows seen in the DOW at 14,548 retraced exactly to the Fibonacci points that I laid out in Wednesday's video. For the DOW that number was 15,041, the S&P retracement came in at 1,618 and the NASDAQ came in at 3,414.
Next Week Could Be The Key For Crude Oil
The crude oil market put in a positive performance this past week closing up 4%. I believe that next week is going to be a key week for this market and should the week close over the 98.50 level, preferably the 99 level, it would be a very bullish sign up for this market.
Gold Breaks Below $1,200
Our Trade Triangles for gold have been short spot gold since June 18th at $1,377.99. This market position now has an open trade profit of of over $18,000 based on a position of one futures contract. My target zone for gold remains the $1,160-$1,170 area. This represents a Fibonacci retracement of 61.8% from the highs seen on September 6, 2011 and the lows seen back on November 8, 2011. I continue to remain negative on gold and believe this could be a perfect 52-week weekend trade to be short over the weekend.
Watch Today's Video Update Here
There's More
In addition to looking at our normal markets, we will also be looking for stocks that are trending higher today. If you haven't watched any of my recent videos, you can watch them by clicking on the links below.
Recent Special Videos:
Five Professional Trading Rules
Listen and Learn
Three Easy Ways
Fundamentals VS Technicals
Gannett (NYSE:GCI)
Gold
Early Warning System
SodaStream (NASDAQ:SODA)
Apple (NASDAQ:APPL)
Yahoo (NASDAQ:YHOO)
S & P 500 (SP500)
Wal-Mart (NYSE:WMT)
Lululemon (NASDAQ:LULU)
Apple (NASDAQ:APPL)
Tesla (NASDAQ:TSLA)
Google (NASDAQ:GOOG)
Have a great trading day,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
Adam appears frequently on the following financial news channels as a guest expert. Click on any cable logo to watch Adam's latest appearance.
next week recovery in gold 40 /50$