Monday, August 24th will long be remembered by investors as the day the world turned red. Every exchange in the world is showing big losses. It all started in China when the Shanghai index closed down 8% for the day, its biggest daily loss since 2007. The drop in China quickly moved over to Europe where the FTSE 100 and other major indices all lost upwards of 4%.
The experts and pundits will all point to different reasons why this happened, but the reality is, the market has been having problems for some time and those problems have manifested themselves in the minds of investors who suddenly perceive things as being not so rosy.
I have said many times before that markets tend to slide faster than they glide. Simply translated, that means they go down a lot faster than they go up and we have certainly seen that in the last week or so.
One of the strongest market movers for any market is perception. Perception suddenly took a very negative turn this past week for most of the major indices. We have a lot to be thankful for as the Trade Triangle technology warned us on 6/30/15 that the markets were beginning to change direction. I pointed this out on Friday in my video and showed the long-term trend line that goes all the way back to 2009 when the lows were seen in the market. At the time of my video, the Dow was down around 160 points and was very close to breaking the below this long-term trend line. As the day progressed, that support line was clearly broken with the Dow closing down over 500 points for the day. The breaking of this long-term trend line is a big deal, in my opinion, and it represents more than just a correction in a bull market. Continue reading "It's Over!"→
I've found another stock for you to look at today, just like Celgene. You need to watch today's video to find out which stock I'm talking about.
But first, it has been quite a week to say the least. A nuclear deal signing with Iran, the Greek situation finally resolved with the German Parliament today voting in agreement to bail out Greece. Just wait, in a few years time I'm sure Greece will come up again as a problem.
The markets are reacting very positively on the upside to all this good news.
The next big worry traders will begin focusing on is a potential rate hike later this year. Whether that comes in September or later is yet to be decided. Who knows, it may not even happen this year.
Well, I wish I could take personal credit for this, but I really can't. All credit goes to the Trade Triangle technology which two days ago picked out a stock that made a major reversal.
As I looked around the web, I saw little or no mention of this stock anywhere. It does not seem this stock was on the top of anyone's radar screen.
So how did I find this stock that just happened to open up over 8% higher today? I used the recent Trade Triangles scan and you can do this every day with MarketClub. I then looked for markets that on average trade over 2 million shares a day and are showing a green monthly Trade Triangle.
What popped up on my screen two days ago was Celgene Corporation (NASDAQ:CELG). Yesterday I highlighted this stock as a buy in my update video. In case you missed what I said, you can watch that video right here. My analysis of Celgene starts at the 4:42 mark in the video.
I indicated that I thought Celgene could move to the $135-$136 area. It practically got there today with the big jump on the opening. What caused the big jump was an announcement by Celgene that it was buying Receptos Inc. (NASDAQ:RCPT) for $7.2 billion. This gives Celgene an even bigger presence in the $67 billion drug market to treat autoimmune conditions.
You can search every day in MarketClub for stocks that represent the same opportunities as Celgene. It's easy to do with the Trade Triangle scanning tools.
In today's video, I will be taking a general look at the markets to see exactly what's going on and determine if the market has made a fake or real turn to the upside.
Please feel free to leave your comments below this post on any market related subject.
Every success with MarketClub, Adam Hewison
Today I'm going to be looking at nine major sectors and finding the strongest stocks in each sector. I will be using the Trade Triangle technology to determine which stock is the strongest in each sector.
While most economists and governments are focusing on the looming disaster known as Greece, the markets have been going their merry way and yesterday was no exception. Both the S&P 500 and the NASDAQ flashed important buy signals and appear to want to move higher.
What was particularly impressive yesterday was the fact that the NASDAQ made a new high with the move. Should the NASDAQ close above 5,092.04, that would represent a new weekly high close for this index. The S&P 500 must close over 2,126.06 to record a new high weekly closing record price. With the current mood of the market right now, I expect this to happen unless there is some extraordinary news that comes out that nobody can foresee at this moment.
This will be a great weekend to take advantage of the "52-week highs on a Friday rules". New highs are outnumbering new lows by 3 to 1, indicating that the investors are still very confident about equity prices.