Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Wednesday, the 26th of June.
Is The Correction Over For The Market, Or Are We Headed Lower?
A revision in the first quarter GDP from 2.42% to 1.8% did nothing to stop this market moving higher this morning. Once again, this proves that the fundamentals tend to lag the market by a country mile. I will be covering all of the indices in today's update.
Fundamentals VS Technicals
I highly recommend you set aside a few minutes of your time to view this video.
Is Crude Oil Resting Before It Goes Higher?
For the most part, crude oil has been stuck in a very broad trading range since September of 2012. There seems to be a ceiling at $100 a barrel and support that comes into the market around $90. Prices for crude oil are practically unchanged since the beginning of this year. Overall I still think, based on our Trade Triangle technology, that this market is headed higher. Remember, "the trend is your friend," and at the moment the trend for crude oil is still positive.
When Love Turns To Hate
Many gold investors must be wondering what is going on in gold and what or who flipped the switch in this market. Gold prices this morning fell to their lowest levels since September of 2010. This also put the price of gold within $60 of my downside target zone of $1,170 a troy ounce. Gold is one of six markets that make up MarketClub's "World Cup Portfolio." See the simple trading rules and signals for gold that are available to all MarketClub members.
iPad Owners - Download My Latest Book
5 Professional Trading Rules That Will Make You Successful In Any Market - by Adam Hewison
Read It, Review It, Rate It!
Dont' Have An iPad? No Worries
5 Professional Trading Rules That Will Make You Successful In Any Market - by Adam Hewison
This PDF version does not include the video.
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:
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.
The correction in gold is certainly about to be over - at these prices the miners would have to be fools to deliver any metal if they can withstand the temporary cash crunch.