Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Wednesday, the 23rd of November.
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IS PERSONAL MARKETCLUB COACHING RIGHT FOR YOU?
Free call - 877–219–1482 - Free consultation.
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3 Big Turkeys - Congress, Europe and Jon Corzine
There's no doubt about it, 2011 is turning out to be the year of the turkeys. With all of the major international stock markets lower for the year, 2011 has not been a good year for "buy and hold" investors.
As of this writing, all of the major US indices are lower, with the S&P 500 down over 5%. The current scenario reminds me of what Will Rogers, a very famous American humorist, had to say over 70 years ago, “I am more concerned about the return OF my capital, than the return ON my capital”.
We couldn't agree more! We feel thankful that our Trade Triangle technology alerted investors almost a week ago to be either totally out or short the market.
In fact, our monthly Trade Triangle on the S&P 500 flashed an exit signal on August 2nd at $1258.07. We have effectively been out of the market for long term traders since that date almost four months ago. Last week's weekly Trade Triangle signal indicated that the bear trend was beginning to accelerate to the downside.
The markets speak the truth and eventually they will make the changes that are needed.
Now, let's go to the charts and the video and see how we can create and maintain your wealth in 2011.
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S&P 500 INDEX
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QUICK TAKE: Bearish
Combined Strength of Trend Score = -100
Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Negative
Daily Trade Triangles for Short-Term Trends = Negative
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See today's S&P 500 Video Here.
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All eyes are on Europe's borrowing costs which are skyrocketing! All our Trade Triangles are red indicating a strong bear trend. A 61.8% Fibonacci retracement brings this market back down to the $1160 area. With a Chart Analysis Score of -100 we are in a downtrend. Long-term and Intermediate term traders should either be in cash or continue to hold short positions in this index with appropriate money management stops.
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Suggested S&P 500 Trading Instruments:
Non Leveraged ETF's: (Long SPY) (Short SH)
2 x Leveraged ETF's: (Long SSO)(Short SDS)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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PERSONAL ONE-ON-ONE MARKETCLUB COACHING
877–219–1482 The call is free and the consultation is free.
Watch my personal one-on-one coaching right here.
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SILVER (SPOT)
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QUICK TAKE: Bear Market
Combined Strength of Trend Score = -75
Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trend = Negative
Daily Trade Triangles for Short-Term Trends = Positive
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See today's Silver Video Here.
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Despite yesterday's big rally to the upside in silver, we have seen no upside follow through today. Traders are nervous in this market, as Europe is trading tomorrow and the US is closed. We may see further liquidation as the day progresses. This market has key support at $30.60 and a break of that level will begin an acceleration to the downside. Generally speaking, the major trend for silver continues to be negative based on our monthly Trade Triangle and our intermediate weekly Trade Triangle turned negative last Thursday. Long-term and intermediate term traders should continue to hold short positions in silver with appropriate money management stops.
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Suggested SILVER Trading Instruments:
Non Leveraged ETF's: (Long SLV) (Short the ETF SLV)
Leveraged ETF's: (Long AGQ) (Short ZSL)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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PERSONAL ONE-ON-ONE MARKETCLUB COACHING
877–219–1482 The call is free and the consultation is free.
Watch my personal one-on-one coaching right here.
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GOLD (SPOT)
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QUICK TAKE: On the edge of a bear trend?
Combined Strength of Trend Score = -60
Monthly trade triangles for Long-term trends = Positive
weekly trade triangles for intermediate term trends = Negative
daily trade triangles for short-term trends = Negative
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See today's Gold Video Here.
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A close in spot gold below $1679 today adds further downside pressure to this precious metal. At the moment, gold is not responding to the economic conditions around us. The recent liquidation in gold triggered a red weekly Trade Triangle. Today's Chart Analysis Score of -60 indicates that gold is in a trading range. A Fibonacci retracement of 61.8% takes gold back down to $1,634. This market is now in an oversold condition. Long-term traders should remain positive for this precious metal. Intermediate term traders should be out of this market at the moment and on the sidelines waiting for a buy signal.
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Suggested GOLD Trading Instruments:
Non Leveraged ETF's: (Long GLD) (Short the ETF GLD)
Leveraged ETF's:(Long UGL) (Short GLL)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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COPPER (MARCH)
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QUICK TAKE: Bear Trend
Combined Strength of Trend Score = -90
Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Negative
Daily Trade Triangles for Short-Term Trends = Negative
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See today's Copper Video Here.
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Attention, we are now following the March 2012 contract. The Copper market now has a Chart Analysis Score of -90 and is in a full blown bear market. Generally speaking, the major trend for this metal continue to be negative. As stated before, copper generally reflects economic conditions, and as such is influenced by equity prices. Long-term and intermediate term traders should continue to hold short positions in copper with appropriate money management stops.
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Suggested Copper Trading Instruments:
Non Leveraged ETF's: (Long JJC)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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CRUDE OIL (JANUARY)
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QUICK TAKE: Trading Range
Combined Strength of Trend Score = +65
Monthly Trade Triangles for Long-Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Negative
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See today's Crude Oil Video Here.
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Attention, we are now tracking the January 2012 contract. A close in January crude oil below $96 will bring more selling pressure into this market. We are now expecting and look for support to come in at $94.55 (basis the January contract), which is a 61.8% Fibonacci retracement. At the present time both our monthly and weekly Trade Triangles remain in a positive mode which is the direction of the major long term trend. Resistance is the $100 level. Long-term, Intermediate term should be long this market with appropriate money management stops.
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Suggested Trading Instruments:
Non Leveraged ETF's: (Long USO) (Short the ETF USO)
Leveraged ETF's: (Long UCO) (Short DTO)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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PERSONAL ONE-ON-ONE MARKETCLUB COACHING
877–219–1482 The call is free and the consultation is free.
Watch my personal one-on-one coaching right here.
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DOLLAR INDEX
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QUICK TAKE: Bull Market
Combined Strength of Trend Score = +100
Monthly Trade Triangles for Long-Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Positive
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See today's Dollar Index Video Here.
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A huge up day for the dollar index as it breaks over the interim resistance of $78.50. We have been steadfastly bullish on this index indicating that we can see the market move up to the $79.50 to $80.50 levels. We continue to view the dollar index in a positive light and we expect that the highs seen in early October will be tested again. We believe that we will see this market trade higher and want to hold all long positions as our Trade Triangle technology continues to indicate that the market is in very strong hands. All Trade Triangles are in positive mode indicating that this market remains in a bull market. Long-Term and intermediate term traders should maintain long positions with the appropriate stops in place.
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Suggested DOLLAR INDEX Trading Instruments:
Non Leveraged ETF's: (Long UUP) (Short UDN)
Leveraged ETF's: (Long) (Short)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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REUTERS/JEFFERIES CRB COMMODITY INDEX
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QUICK TAKE: Bear Trend
Combined Strength of Trend Score = -90
Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Negative
Daily Trade Triangles for Short-Term Trends = Negative
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See today's REUTERS/JEFFERIES CRB COMMODITY INDEX Video Here.
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No change in our comments for this index. The Williams %R indicator is in an oversold condition. This condition can persist like it did in late September for 9 or 10 days. Resistance is evident at the $315 - $320 levels, with support coming in between $300 and $305. Our long and intermediate term Trade Triangles remain negative for this index. Long-term and intermediate term traders should continue to hold short positions in silver with appropriate money management stops.
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Suggested REUTERS/JEFFERIES CRB COMMODITY INDEX Trading Instruments:
Non Leveraged ETF's: (Long CRBQ) (Short the ETF CRBQ)
Leveraged ETF's: (Long) (Short CMD)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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PERSONAL ONE-ON-ONE MARKETCLUB COACHING
877–219–1482 The call is free and the consultation is free.
Watch my personal one-on-one coaching right here.
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HOW TO USE THE MARKETCLUB SCORING SYSTEM:
Chart Analysis Score: 50 - 65 Trading Range
Chart Analysis Score: 70 - 80 Emerging Trend
Chart Analysis Score: 85 - 100 Strong Trend
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This is Adam Hewison for MarketClub and I'll see you Friday, right here with my mid-day update. Enjoy the holiday and have a great trading day.
All the best,
Adam Hewison
President INO.com and co-founder of MarketClub.com
