Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Tuesday, the 9th of July.
NASDAQ Flashes A Buy Signal
On Monday, our weekly (intermediate trend) Trade Triangle kicked in and gave a buy signal for the NASDAQ index. The signal came in at 3,488.31, confirming that both the intermediate and longer-term trends are now in unison signaling a move to the upside. The NASDAQ could be a precursor of trends to come on both the DOW and the S&P 500, only time will tell.
Crude Oil Takes A Breather
Do not be fooled by this momentary pause in the price of crude oil, with the trend clearly established to the upside, I am looking for new highs in this market. With a target zone of $110 per barrel for crude, I see no reason to abandon long positions and want to hold firm for longer term traders. A close in the August contract over $103.50 this week will represent a new high close and a continuation of the uptrend.
Two Clear Cut Trends
Of the six markets we track every day, only two have strong defined trends at the moment. They are the NASDAQ index and crude oil and I would trade them both in the direction of the major trend.
On The Radar Today
Shares of FedEx (NYSE:FDX) jumped dramatically today, moving to their best levels since March 19th of this year. The move triggered both our weekly and monthly Trade Triangles giving a strong buy signal for this stock. Today I will be looking at FedEx and showing you where I think this stock is headed next.
Watch Today's Video Update Here
There's More
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.
For CL to move higher won't the dollar have to fall? Yet it's not. In fact the dollar continues to buck the QE trend and head higher (much to the detriment of AUD, GBP, EUR, copper, gold, silver, sugar, coffee, etc.)
So, is CL heading higher mostly due to Egypt?
I am no longer able to view the videos. After logging in and clicking on the video at the bottom, I get the message "loading the player" and then no video. Do you have any idea what I'm missisng?
Make sure that the internet browser that you are using is up to date with the latest version. Which browser are you using? Chrome, IE, Firefox or Safari?
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You can always view our videos on our YouTube channel. http://www.youtube.com/marketclub
Thanks,
Jeremy