The rally since the lows has been like a runaway freight train, or maybe more like a charging bear. Speaking of, this is starting to smell like a bear market rally and today was the ideal spot to lay out some call credit spreads into Fibonacci and Elliott Wave resistance.
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Todd Gordon
Hello traders everywhere! Adam Hewison here, President of INO.com and co-creator of MarketClub, with your video update for Friday, the 22nd of November.
With yesterday's record high close of 16,009.99 in the Dow (INDEX:DJI), it would appear as though the stage is set for further gains in this index. Many of the stocks that make up this index are doing very well, stocks like Intel (NASDAQ:INTC), American Express (NYSE:AXP), Bank of America (NYSE:BAC), Walt Disney (NYSE:DIS), Home Depot (NYSE:HD), JP Morgan (NYSE:JPM) and so on. Only one stock in the Dow 30 Index appears to be in a full negative trend according to the Trade Triangles and that stock is Cisco (NASDAQ:CSCO).
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