Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday, the 17th of January.
I just got back from New York late last night after doing some guest appearances on CNBC and Bloomberg television. It was in the latter show on Bloomberg TV doing a "Street Fighters" segment that Marshall Auerbach called technical traders "chart following monkeys". That's when all H*LL broke loose. Watch the video segment here.
Do you remember last week on MarketClub TV we were talking about the potential set up in crude oil? Well it looks like all systems are go this morning. The down trend line has been broken to the upside and our Trade Triangles are +100, indicating a strong trend to the upside for this commodity.
We will also be analyzing these early movers today: CBS, PHM, and KLAC.
It's good to be back in the office now that we have the first two weeks of the year over with. We should be seeing some good markets to trade in 2013, starting with crude oil.
Have a great trading day,
Adam Hewison
President INO.com and co-founder of MarketClub.com.
The "Chart Monkey" is a trend guru climbing the ladder while the Economist too often falls off the rungs and better excels at reporting history rather than predicting the future.
WOW Adam, you really kept your cool on that remark!
That's pretty funny. It's also funny how so many are proclaiming a new era in oil production, as if shale is somehow equivalent to light syrupy crude.
Remember the number 22. That stands for the number of years that half the discovered existing oil supply has been burned off.