Hello MarketClub members everywhere. We have arrived the middle of the trading week. I've always looked at Wednesday’s as a day to reassess your positions after the trading action on Monday and Tuesday. Do you want to stay or exit those positions or do you want to continue to hold them to the end of the week and beyond?
Hello MarketClub members everywhere. As we plod through the dog days of summer and the oppressive heat that we have been experiencing along the Atlantic seaboard, we have to remember that there's an end in sight. What I mean by that is Labor Day is rapidly approaching and it signals to all the traders out there that summer is over and it's time to get back to work and making money in the marketplace.
It is amazing how attitudes change or become reinforced after Labor Day.
In addition to Labor Day, this is the final week of the Olympic distraction, if that was not enough we will also soon be getting bombarded by political messages for the general election on November 8th.
Hello MarketClub members everywhere. It has been quite a week with gold, stocks and oil all moving in the same direction and that is higher. I have said this before; it is sometimes best to just to go with the flow and not try to overthink or inject what you may feel fundamentally about the market.
This morning the gold market is pushing higher and it is within $18 of making a new high for the year. I'm sure this is not because of all the gold that has been won by the U.S. team in Rio, but rather to a global uneasiness hat has permeated the year so far.
In today's video, I will be analyzing gold (FOREX:XAUUSDO) and the gold mining stocks that I have discussed before. The stocks are Newmont Mining (NYSE:NEM) and Barrick Gold Corporation (NYSE:ABX). Both of these stocks are set to go significantly higher based on the Trade Triangles and their technical chart counts.
I will also be analyzing crude oil (NYMEX:CL.U16.E) and showing you a key level that I see that could pop crude up several dollars in a short period.
After their big push up last Friday, the equity markets have come to a somewhat stationary position. However, that has not altered the longer-term trend that I see in the indices which are currently in an uptrend. I will be examining each of these indexes individually and giving you my latest thoughts on the trends in each of these markets. Continue reading "Global Unease Pushes Gold Higher"→