Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Monday, the 3rd of December.
| MARKETS WITH STRONG TRENDS: | MARKETS WITH MIXED TRENDS: |
| COPPER (Dec): Higher for the week. CLOSED LAST FRIDAY AT $3.6230 |
S&P 500: Higher for the week. CLOSED LAST FRIDAY AT $1,416.18 |
| SILVER (Spot): Higher for the week. CLOSED LAST FRIDAY AT $33.36 |
CRUDE OIL (Jan): Higher for the week. CLOSED LAST FRIDAY AT $88.94 |
| EURO (Spot): Higher for the week. CLOSED LAST FRIDAY AT 1.2985 |
GOLD (Spot): Higher for the week. CLOSED LAST FRIDAY AT $1,714.19 |
CRUDE OIL PUSHES TO ITS BEST LEVELS IN 5 WEEKS
Continued hedge fund buying over the last two weeks pushed crude oil to its best levels in over five weeks before profit taking kicked in. Crude oil appears to be making a strong base capable of carrying today's black gold up to the $93.00 to $94.00 level. A solid close over the $90 a barrel level, basis the January contract, should be viewed as very positive for this market.
GOLD STUCK IN A RANGE FOR NOW
The gold market is in a bull trend, but is trapped in a trading range at the moment. A solid close over the $1,720 level would set this market up to challenge the recent highs around the $1,730 level. We expect to see increasing support on any pullbacks to the $1,710 - $1,705 area.
Bet on Gambling and Energy - 2 STOCKS TO BUY:
LAS VEGAS SANDS (LVS)
CMS ENERGY (CMS)
Throw out these two - 2 STOCKS TO SELL:
AOL (AOL)
JANUS CAPITAL GROUP (JNS)
In today's video we review these 4 stocks and the major movements in the major markets.
Have a great trading day,
Adam Hewison
Founder & President INO.com and co-founder of MarketClub.com.
Everything hinges on the fiscal cliff. If there's no agreement, the markets will slip. If there's talk of an agreement, the markets will be up one day, down the next. If there's an agreement, the markets will fly upward. Everything else is superfluous in the overall scheme of things.
I still think Obama wants to run this country into through the ground and then declare an emergency so he can take over complete power..He doesn't have to worry about getting elected again so he will go all out and Iwouldn't dought the Dems would go along with that..seems like so far they all love the way he is doing things..Hope I am wrong..
Odds are about 30% we are in a bear market unless SP 500 can close over 1424, then odds shift toward the bulls. If it goes down, maybe all the rest of the markets, except bonds also go down. I am keying off the bond market, the dollar, and whether Obama floats some proposals in the next 1-2 days on items he would be willing to compromise. If he does not do that, I think he is, in essence, saying he prefers to go over the fiscal cliff. This is in keeping with my assessment that he does not really care about the economy though he is expert at conveying the impression he does care. He does seem to care about setting the Republicans up for blame and raising tax rates on the wealthy even though raising taxes will reduce revenue. This scenario may fit in with his longer term plan of taking over ala Morsi. Hope I am wrong.
may bring both .....correction followed by a santa rally
I'm analysing the GBP/USD.- I think it'll go down; but, my question is: "In the Race of Printing Money, who w'll win that Race".-