Hello traders everywhere. Adam Hewison here, co-founder of MarketClub, with your 1 p.m. market update for Thursday the 23rd of June.
Choppy, choppy, markets. Today's action should be viewed as a test of the lower range in the S&P 500. This market is very close to breaking the 200 day moving average. Many traders consider this to be one of the most important long-term technical indicators for the equity markets. The exception to this is the NASDAQ that is already below the 200 day moving average and looks like we're going to see further downside action. The other big news was the sharp drop in precious metals. We were warning about this in our commentary yesterday as gold was grudgingly going up and up, popping above the upper levels of the Donchian channel. The release of 30 million barrels of crude oil will last about a day and a half in the US. This action can only be viewed in my mind as a desperate measure to win popularity for the current administration. I have seen many times in the past that when governments get involved in the markets, they never come out ahead. As we said in yesterday's video, a low risk entry point for short term traders should be around $90.07 at the bottom end of the Donchian channel.
Hello traders everywhere. Adam Hewison here, co-founder of MarketClub, with your 1 p.m. market update for Wednesday the 22nd of June.
Yesterday it was Greece, today it's Ben Bernanke and the FED. What is really going on with the equity market is that no one has strong feelings either on the upside or downside . This neutrality is reflected in our +55 reading indicating that the market remains in a trading range. Today we want to do something a little bit different, I am going to go through each of the markets quickly, and then zoom in and focus on two markets crude oil and silver. I think you'll find our analysis quite interesting and informative.
Hello traders everywhere, Adam Hewison here co-founder of MarketClub with your 1 p.m. market update for Tuesday the 21st of June.
All eyes are on Greece as the vote will be taken this afternoon at five o'clock Eastern standard Time. That is a vote of confidence on the last 30 measures and also on the government. As you know, the market has been in an oversold condition and I think today's rally was reflective of that move from an oversold condition. Crucial 5 PM Vote comes in when the markets are closed. If there is a vote that is negative then these markets will come crashing down tomorrow. This is just like gambling in that no one knows what's going to happen with the Greek government. My own view is if they do agree on what they're doing it will just be kicking the can down the road.
Hello traders everywhere, Adam Hewison here co-founder of MarketClub with your 1 p.m. market update for Friday the 17th of June.
I guess the most common expression I'm hearing is "kick the can down the road.". It would seem as though politicians the world over are pretty much the same. None of them wants to face the truth that there is no more money. So what do they do they, "kick the can down the road."
And once again the taxpayers have to come up with the money. Lending more money to Greece is the height of insanity in my opinion simply because how can they possibly pay back the first tranches of money that was already lent to them? But that's what's happened today; Merkle and Sarkozy made concessions and basically declared that "happy days are here again," but are they really? I was talking to a good friend of mine this morning who is one of the smartest people I know and I asked him point-blank, what do you think of the global and US economy? Here is what he said to me, "It is a time to be cautious and guarded." Those were his exact words. I'll let you think about that.
So okay enough of what my smart friends think, let's look and see what the market thinks about everything.
I ask myself this question this morning, what is going to put this market higher? The market action itself is not positive and the confidence level to drive the markets higher doesn't appear to be there in any large measure. The markets are rapidly drawing a line in the sand and when that line is broken and if you watch this show, I will tell you when. It's going to be every man and woman for himself. Get prepared for some extraordinary trading opportunities in the not to distant future.