Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Tuesday, the 28th of February.
Apple trades at new highs, as rumors are rampant over the iPad3!
No question about it, Apple has been on a tear... but is it time to exit this trade?
The Perfect Solution for the Euro zone.
With all the talk of Greece getting kicked out of the Euro zone, it got me thinking... maybe we have this all backwards! Here's my solution: Germany should just exit the zone and leave all those other socialist countries to fend for themselves. 🙂
3 Stocks on the move today:
PRICELINE.COM INC (PCLN), TRIPADVISORS INC (TRIP), and STAPLES INC (SPLS).
Did MarketClub's Trade Triangle technology get it right on these three stocks?
Now, let's analyze the markets using MarketClub's Trade Triangle Technology.
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S&P 500 INDEX
BIG PICTURE: Strong Trend +100
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish
We continue to favor the long side of this market. We can see support coming in around the $1360 level basis the index. Longer-term, we expect this market to move up to the $1550 to $1600 level by late May, early June based on our cyclic work. With all three of our Trade Triangles green, a bull market is underway. Long and Intermediate term traders should now be holding long positions in this index with appropriate money management stops.
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See suggested S&P 500 trading instruments HERE.
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SILVER (SPOT)
BIG PICTURE: Strong Trend +100
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish
The move today over $36.00 is a game changer for silver, as it breaks over a major downtrend line. This sets up a target zone of around $44.00. Our long-term monthly Trade Triangle is positive on silver. This particular indicator has done extremely well in the past. Long and intermediate term traders should now be holding long positions in silver with appropriate money management stops.
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See suggested SILVER trading instruments HERE.
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GOLD (SPOT)
BIG PICTURE: Emerging Trend +70
TRADE TRIANGLES: Monthly = Bearish | Weekly = Bullish | Daily = Bullish
With a Score of +70, this market could be emerging into an uptrend. Gold is fast approaching the major resistance level at $1,800 an ounce and we expect that this will be a major in pediment to this market's run up. With our long-term monthly Trade Triangle still in a negative red mode, we cannot get 100% excited about this market at the moment. We are not bearish on this metal, we just need further confirmation with the tools we know are successful in trading gold. Long-term term traders should be in short positions in gold with appropriate money management stops. Intermediate term traders should be on the sidelines.
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See suggested GOLD trading instruments HERE.
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COPPER (MAY 2012)
BIG PICTURE: Trading Range +65
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bullish
We would view a close today over $3.90 in the May contract as a very bullish sign for copper. With a Score of +65, the copper market is vacillating between a trading range and an emerging uptrend. We continue to view the longer-term trend in copper as positive. Look for support this week at the $3.85 level. The market action looks as though it has created a large base to move higher in the future. Long term traders should now be holding long positions in this index with appropriate money management stops.
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See suggested COPPER trading instruments HERE.
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CRUDE OIL (APRIL 2012)
BIG PICTURE: Strong Trend +85
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bearish
The crude oil market is now getting into an oversold condition, which may be setting the stage for a perfect buying opportunity. We remain positive on this market. We are expecting oil to regroup over the $105 level and generate enough energy to push to new highs over the $110 area. See our special report on crude oil HERE (LINK TO SPECIAL REPORT). We are looking for crude oil to make its highs probably somewhere in the May period. With a Score of +85, this market is in a strong trend to the upside. We remain longer term positive on this market. With our monthly and weekly Trade Triangle in a positive mode, we expect we will see further gains in crude oil. All traders should be long this market with appropriate money management stops.
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See suggested CRUDE OIL trading instruments HERE.
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Give us a call at: 1-877-219-1482
International: 1-801-341-3981
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DOLLAR INDEX
BIG PICTURE: Emerging Trend -70
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bearish
This index continues to be soft and continues to erode to the downside. We are looking for a possible test of the 61.8% Fibonacci retracement level, which takes this market back down to the $77.38 level. With a Score of -70, this market is once again in a emerging trend to the downside. Long term traders using our monthly Trade Triangles should maintain long positions with the appropriate stops in place.
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See suggested DOLLAR INDEX trading instruments HERE.
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REUTERS/JEFFERIES CRB COMMODITY INDEX
BIG PICTURE: Strong Trend +90
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish
Inflation is well on its way and we are bullish on this index. With all of our Trade Triangles green, it would appear as though this market is sending a strong signal that inflation is just around the corner. Look for this index to move steadily higher. With a Score of +90, look for any pullbacks to be met by good support. Long-term and intermediate term traders should hold long positions in this index with appropriate money management stops.
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See suggested REUTERS/JEFFERIES CRB COMMODITY INDEX trading instruments HERE.
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This is Adam Hewison for MarketClub, and I'll see you tomorrow on MarketClub TV. Have a profitable trading day.
Take care everyone,
Adam Hewison
President INO.com and co-founder of MarketClub.com
