Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Thursday, the 17th of October.
Late last night the United States averted what would've been a disaster for the country. But did we really avert disaster, or did they just "kick the can down the road"? I had the good fortune to appear on CNBC Asia last night when this historic vote was cast. If you missed my appearance, you can see what I said right here.
While Washington politicians are patting themselves on the back and thinking about what a good job they did, most folks in the real world have a different view and are incredibly angry at what Washington is doing. It really doesn't matter if you are on the left or the right of the political spectrum, the divisiveness in the country is not healthy for the economy and the stock market in the long run.
The NASDAQ has been on a tear with new highs made this week. This reflects the tech sector and our present day Internet-driven economy. The Dow continues to limp along, which is perhaps a reflection of an economy of times gone by.
I expect to see the markets remain positive until the November-December period, when the concerns for the funding and debt crisis will be on everyone's mind again just before the holidays. I do not see this as a positive for the markets in 2014. As always, I will rely on the Trade Triangle technology to provide a guide through the stormy economic and political waters that we could be moving into in 2014.
Tomorrow, let's see how many of the internet stocks close. For example, if Apple (NASDAQ:AAPL) closes over $502.27 on Friday, it will represent a new weekly high close. Much the same can be said for Facebook (NASDAQ:FB), a weekly high close over $51.20 should be viewed as bullish. Netflix (NASDAQ:NFLX) is in a similar position, a close tomorrow over $327.22 would represent a new high weekly close and might indicate that investors feel comfortable carrying this stock over the weekend.
I always appreciate your comments and thoughts, so feel free to post what markets you are watching and trading in. We will do our very best to answer all of your questions.
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.
Disaster finally averted, however it left some serious damage to the credibility of U.S. Now Financial sector worldwide will think twice towards overall reliability and relevance of entire U.S. Economy and its sustainability.
Even more important issue is, no one is in a position to say that problem or crisis is solved, it is just Postponed or delayed for some more period, and until that, uncertainty and doubt will remain same, as we experience in past few days, and we just cant denied that worst is over for ever.
finally, the most important question for all concerned person or parties that if they were ready to accept the same thing, in a same manner, then why they have created certain critical situation for a period of around one month? who is responsible or answerable for acting in such a reckless way? is their any specific intention behind such drama? weather they have any hidden agenda to do so? and what about the pain, suffering and tension faced by a common citizens?
Dennis King is correct, I agree, he is a nice person, be careful...
I did miss it, but thanks to the link, which you posted, I saw you forecasting the next apocalypse.
I am aware that 'political and fiscal' disaster has been averted and the charts are pointing higher. However, if this market cannot surpass 173.60 (9/19 SPY high), we remain vulnerable down to the SP 1540-50 area. It appears we shall know in short order. Right now there is no trend, i.e., lower low and higher high basis the SP 500, a 'V' bottom, and a broadening formation. Just straight up since the 1645 low without a higher low. Be Careful!
Correction" 1646.47 low