Hello MarketClub members and traders everywhere! As you start a new week, it is important to look at what happened last week in the markets.
There's no doubt that last week was tough week for most traders with Apple sliding almost 4% which was enough to drag practically every other market down. But what interested me was the market action on Friday. Last Friday we saw a recovery in the market and when one looks at the RSI indicator, all the major indices closed over the 50 line. In fact, all of the Trade Triangles on both the indices and Apple remain positive in both the intermediate and long-term trends.
I would not be surprised to see the market chop around these areas for a while, but I would rather be a buyer here, than a seller.
Here are some of the stocks I think are worthy of your attention:
Apple Inc. (NASDAQ:AAPL) - Recent high 134.54, recent low 124.58. Presently trading around 128.00. Stop out at 124.45. Trade Triangles = Positive.
Amazon.com Inc. (NASDAQ:AMZN) - Recent high 452.65, recent low 416.00. Presently trading around 422.00. Stop out at 374.00. Trade Triangles = Positive.
eBay Inc. (NASDAQ:EBAY) - recent high 60.14, recent low 57.93. Presently trading around 59.00. Stop out at 55.40. Trade Triangles = Positive.
Starbucks Corp. (NASDAQ:SBUX) - recent high 52.09, recent low 49.43. Presently trading around 50.00. Stop out at 47.38.Trade Triangles = Positive.
Tesla Motors Inc. (NASDAQ:TSLA) - recent high 238.75, recent low 220.00. Presently trading around 226.00. Stop out at 203.50. Trade Triangles = Positive.
All of the above stocks are in uptrends and have both the weekly and monthly Trade Triangles in place. In addition to that, all of the above mentioned stocks are trading above the 50 RSI line.
So as the new trading week starts, let's not forget that the major trend for the indices is bullish and it is always a good thing to trade with the trend.
Having said that, you should all be vigilant to market forces and sentiment changes.
Don't forget to leave me a comment on any of the stocks I will be covering today.
Every success with MarketClub,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
No mention of trading the trend here, what is the trend? Daily, weekly, monthly? Any guesses?
Adam: AAPL stop hit at 124.45, traded down to 123.36, currently reversed and trading at ~125.25. You sometimes mention jumping back in after a stop is hit. Does that apply here?
THANK YOU FOR THIS EMAIL, NAMING STOCKS. IT IS A RELIEF NOT TO HAVE TO LISTEN TO LENGTHY VIDEOS OF 'MONEY BACK IF NOT SATISFIED' OFFERS. I'M AVOIDING THEM. ALSO, LIKE THE 'WORTHY OF YOUR ATTENTION' ... RATHER THAN PAGE-AFTER-PAGE OF ... WHY THEY'RE SO GREAT, ETC. SHORT AND TO THE POINT IS MY STYLE.