Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Monday, the 19th of March.
IT'S AN APPLE WORLD!
Shorter lines, higher expenses, a stock buyback, and a dividend are all part of Apple's world this morning. Can this juggernaut of a stock maintain its momentum, and can it be stopped? Today, we take a close look at this stock and share our views on what we are seeing using our Trade Triangle technology.
CRUDE OIL TRADES OVER $108 A BARREL.
We show you where this market is headed in today's video.
Today's Winning and Losing SECTORS:
CONSUMER GOODS: +0.19%
SERVICES: +0.17%
HEALTHCARE: +0.22%
ENERGY: +0.28%
TECHNOLOGY: +0.32%
FINANCIAL: +0.65%
INDUSTRIAL GOODS: +0.10%
MATERIALS: +1.56%
UTILITIES: +0.25%
3 Stocks on the move today:
UNITED STATES STEEL CORP (X), CITIGROUP INC (C), and UNITED PARCEL SERVICE INC (UPS).
Did MarketClub's Trade Triangle technology get it right on these three stocks?
Now, let's analyze the major markets and stocks on the move 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
With a Score of +100, this index is in a strong upward trend. Long-term and intermediate-term traders should remain positive on this index. Longer term we expect this market to move up to the $1,550 to $1,600 level by late May, early June based on our cyclic work. With all of our Trade Triangles green, we are in full bullish mode.
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See suggested S&P 500 trading instruments HERE.
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SILVER (SPOT)
BIG PICTURE: Trading Range +55
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bullish
We expect the current rally in silver to run out of gas around the $33.00 area. A 61.8% correction takes this market back down to the $30.40 area on the spot market. With a Score of +55, the silver market is in a trading range. Only our long-term and short term Trade Triangles remain positive on silver. Long term traders should 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 -75
TRADE TRIANGLES: Monthly = Bearish | Weekly = Bearish | Daily = Bullish
We continue to be negative on gold and expect to see one more push down to our target zones. We still believe this market is headed down to test the $1,620 area, which is close to the 61.8% Fibonacci retracement level of $1,617.34. With a Score of -75, this market is in an emerging trend to the downside. We are expecting gold to be on defensive for the balance of March. With two of our Trade Triangles negative, we expect this market to move lower. Long-term and intermediate term traders should be in short positions in gold with appropriate money management.
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See suggested GOLD trading instruments HERE.
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COPPER (MAY 2012)
BIG PICTURE: Emerging Trend +75
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bullish
A close in copper this week over the $4.00 level sets this market up to challenge the $4.25 to $4.30 areas. We continue to view the longer-term trend in copper as positive. The market action looks as though it has created a large base to move higher in the future. Long term traders should 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: Emerging Trend +75
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bullish
A close today over the $108.20 level should be viewed as extremely positive for this commodity. We believe the low that was seen last Thursday is a cyclic low similar to what occurred in early February and the middle of December. If this is indeed the case, we expect this market to start moving higher this week. We continue to like the chart formation which we believe will eventually push this market higher until early April. We are looking for crude oil to make its highs probably somewhere in the April, May period. With a Score of +75, we believe this market is regrouping to move higher later in the month. With two of our Trade Triangles in a positive mode, we expect to see further gains in crude oil. Long term 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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DOLLAR INDEX
BIG PICTURE: Emerging Trend +75
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bearish
As mentioned last week, we are somewhat surprised that this market has come back as far as it has. The "dark cloud cover" that was put in place on Thursday was confirmed the following day and we now have a top in place around the $80.70 area. This index must begin to find support around current levels at $79.00 to $79.50 if it is to move higher in the future. A Score of +75 indicates that this index is in an emerging trend market. Long-term and intermediate-term traders using our 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: Emerging Trend +80
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish
A close over $318.50 today is a bullish sign for this index. As mentioned last week, the $314-$315 area is probably a buy at this point in time. Look for pullbacks to be met by good support at that level. 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 wishing you every success in your trading.
Adam Hewison
President INO.com and co-founder of MarketClub.com
