{"id":10195,"date":"2011-11-03T13:28:55","date_gmt":"2011-11-03T17:28:55","guid":{"rendered":"http:\/\/club.ino.com\/trading\/?p=10195"},"modified":"2011-11-03T15:36:08","modified_gmt":"2011-11-03T19:36:08","slug":"why-is-todays-market-close-important","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2011\/11\/why-is-todays-market-close-important\/","title":{"rendered":"Why Is Today's Market Close Important?"},"content":{"rendered":"<p><a href=\"http:\/\/tv.ino.com\/free\/video.html?vidid=livestream-pla_c54b386d-9afd-438b-b44c-0b52d9740267&amp;mkt=blog1pm1103\" target=\"_blank\"><\/a><a href=\"http:\/\/tv.ino.com\/free\/?1103\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-10199\" style=\"margin: 5px;\" title=\"mid-day update\" src=\"\/\/club.ino.com\/trading\/wp-content\/uploads\/2011\/11\/Adam-7.jpg\" alt=\"\" width=\"171\" height=\"146\" \/><\/a>Hello traders everywhere! Adam Hewison here, co-founder of MarketClub  with your mid-day market update for Thursday, the 3rd of November.<\/p>\n<p><span style=\"color: #3366ff;\"><strong><a href=\"http:\/\/club.ino.com\/markets\/8-95-trial-offer-2\/?blog1103\" target=\"_blank\">ENTER HERE TO WIN A FREE 1 YR SUBSCRIPTION TO MARKETCLUB ON A WiFi TABLET<\/a><\/strong><\/span><br \/>\n-------------<br \/>\nEurope cuts rates \u2026 and what happened to that missing $600 million?<\/p>\n<p>Europe cuts rates by .50 basis points. New guy, new rules. Jean-Claude  Trichet is out and Mario Draghi is in. Now, US regulators are wondering  what happened to $600 million in customer funds under MF Global's care.  I am sure there is more to come on that front.<\/p>\n<p>It's Thursday and how the market closes today is going to be very  important in my mind. If we see the S&amp;P 500 close lower, I think that  will be a negative vote for the stock market. Additionally, if we see  the bank stocks close lower on the day, I believe that's a negative vote  for the banks. <!--more--><\/p>\n<p>What is gold doing during all of this craziness? It's going higher.  Since we started broadcasting, we have continually shared with you the  long-term trend for gold, which continues to be positive. That came to  the forefront today when more and more investors moved into gold.<\/p>\n<p>What is interesting, is that we're seeing net deposits coming out of  banks both in Greece and Italy. This is a disturbing fact and one that  will eventually have to be addressed by the private sector and  government. What it does illustrate however, is that money can move  around pretty quickly when it wants to. We may have already seen a  stealth run on the banks in both Italy and Greece.<\/p>\n<p>I mentioned how important it is to see where these markets close today,  as it is Friday tomorrow, and we have a lot of nervous,trigger happy  traders who may not want to hold any positions this weekend. With the  hedge funds largely under performing for the year, you are going to see  some hedgies swing for the fences \u00e0 la Jon Corzine, hoping to make a  home run and salvage a poor performance. This will only add to more  market volatility.<\/p>\n<p>Okay, now let's go to the charts and see how we can create and maintain  your wealth in 2011.<br \/>\n-------------<br \/>\nS&amp;P 500 INDEX<br \/>\n-------------<\/p>\n<p>OUR VIEW: $1220 is the key support for this index<\/p>\n<p>We will view a close today below $1237 as negative for this index. We  still believe that the 1220 level holds the key for the S&amp;P 500. With a  Chart Analysis Score of +55 we are in a trading range, which could be  very broad at this time. Intermediate traders should be on the sidelines  waiting for a new Trade Triangle short signal. Long-term traders should  either be in cash or continue to hold short positions in this index.<\/p>\n<p><a href=\"http:\/\/tv.ino.com\/free\/video.html?vidid=livestream-pla_c54b386d-9afd-438b-b44c-0b52d9740267&amp;mkt=blog1pm1103\" target=\"_blank\">See today's S&amp;P 500 Video Here.<\/a><br \/>\n-------------<br \/>\nMonthly Trade Triangles for Long-Term Trends = Negative<br \/>\nWeekly Trade Triangles for Intermediate Term Trends = Positive<br \/>\nDaily Trade Triangles for Short-Term Trends = Negative<br \/>\nCombined Strength of Trend Score = + 55<br \/>\n-------------<br \/>\nSuggested S&amp;P 500 Trading Instruments:<br \/>\nNon Leveraged ETF's: (Long SPY) (Short SH)<br \/>\n2 x Leveraged ETF's: (Long SSO)(Short SDS)<br \/>\nFutures: Contracts are available to trade this market. Contact your broker<br \/>\nOptions: Options Contracts are available to trade this market.Contact  your broker<br \/>\nWARNING: Liquidity is some ETFs is very thin. Contact your broker for  more information.<\/p>\n<p>-------------<br \/>\n<a href=\"http:\/\/club.ino.com\/markets\/8-95-trial-offer-2\/?blog1103\" target=\"_blank\">ENTER HERE TO WIN A FREE 1 YR SUBSCRIPTION TO MARKETCLUB ON A WiFi TABLET <\/a><br \/>\n-------------<br \/>\nSILVER (SPOT)<br \/>\n-------------<br \/>\nOUR VIEW: Trading Range<\/p>\n<p>No change in our comments from yesterday. The spot silver market remains  in a broad trading range bound by $32 an ounce on the downside and $36  an ounce on the upside. With our Chart Analysis Score reading +55 we  seen no clear-cut direction at the moment in this metal. We expect to  see more volatility, and a close below 32 as a sign of further weakness.  Generally speaking, the major trend for this metal continue to be  negative while the intermediate trend is in conflict based on our Trade  Triangles. Long-term traders should continue to hold short positions in  silver with appropriate stops.<\/p>\n<p><a href=\"http:\/\/tv.ino.com\/free\/video.html?vidid=livestream-pla_c54b386d-9afd-438b-b44c-0b52d9740267&amp;mkt=blog1pm1103\" target=\"_blank\">See today's Silver Video Here. <\/a><br \/>\n-------------<br \/>\nMonthly Trade Triangles for Long-Term Trends = Negative<br \/>\nWeekly Trade Triangles for Intermediate Term Trend = Positive<br \/>\nDaily Trade Triangles for Short-Term Trends = Positive<br \/>\nCombined Strength of Trend Score = + 60<br \/>\n-------------<br \/>\nSuggested SILVER Trading Instruments:<br \/>\nNon Leveraged ETF's: (Long SLV) (Short the ETF SLV)<br \/>\nLeveraged ETF's: (Long AGQ) (Short ZSL)<br \/>\nFutures: Contracts are available to trade this market. Contact your broker<br \/>\nOptions: Options Contracts are available to trade this market.Contact  your broker<br \/>\nWARNING: Liquidity is some ETFs is very thin. Contact your broker for  more information.<\/p>\n<p>-------------<br \/>\n<a href=\"http:\/\/club.ino.com\/markets\/8-95-trial-offer-2\/?blog1103\" target=\"_blank\">ENTER HERE TO WIN A FREE 1 YR SUBSCRIPTION TO MARKETCLUB ON A WiFi TABLET <\/a><br \/>\n-------------<br \/>\nGOLD (SPOT)<br \/>\n-------------<\/p>\n<p>OUR VIEW: Resistance at $1,770 basis spot<\/p>\n<p>The Chart Analysis Score for gold shot to a +100 today, indicating to us  to be very concerned about what is happening in Europe. Key area to  watch for on gold on the upside is $1,770. This level represents a 61.8%  Fibonacci retracement. Long-term and intermediate term trends remain  positive for this precious metal. Intermediate and long-term traders  should maintain long positions with the appropriate money management  stops in place.<\/p>\n<p><a href=\"http:\/\/tv.ino.com\/free\/video.html?vidid=livestream-pla_c54b386d-9afd-438b-b44c-0b52d9740267&amp;mkt=blog1pm1103\" target=\"_blank\">See today's Gold Video Here. <\/a><br \/>\n-------------<br \/>\nMonthly trade triangles for Long-term trends = Positive<br \/>\nweekly trade triangles for intermediate term trends = Positive<br \/>\ndaily trade triangles for short-term trends = Positive<br \/>\nCombined Strength of Trend Score = + 100<br \/>\n-------------<br \/>\nSuggested GOLD Trading Instruments:<br \/>\nNon Leveraged ETF's: (Long GLD) (Short the ETF GLD)<br \/>\nLeveraged ETF's:(Long UGL) (Short GLL)<br \/>\nFutures: Contracts are available to trade this market. Contact your broker<br \/>\nOptions: Options Contracts are available to trade this market.Contact  your broker<br \/>\nWARNING: Liquidity is some ETFs is very thin. Contact your broker for  more information.<\/p>\n<p>-------------<br \/>\nCOPPER (DECEMBER)<br \/>\n-------------<\/p>\n<p>OUR VIEW: $3.50 now key support<\/p>\n<p>No changes here, as copper continues to move sideways in a trading  range. Copper generally reflects the economic conditions and as such is  influenced by equity prices. With a Chart Analysis Score of -55 this  metal is in a trading range. Should we see this market close below the  $3.50 area we would view that close in a negative light, looking for more  pressure for the next several weeks. Generally speaking, the major trend  for this metal continue to be negative while the intermediate trend is  in conflict with the longer-term negative trend. Long-term traders  should continue to hold short positions in copper with appropriate stops.<\/p>\n<p><a href=\"http:\/\/tv.ino.com\/free\/video.html?vidid=livestream-pla_c54b386d-9afd-438b-b44c-0b52d9740267&amp;mkt=blog1pm1103\" target=\"_blank\">See today's Copper Video Here. <\/a><br \/>\n-------------<br \/>\nMonthly Trade Triangles for Long-Term Trends = Negative<br \/>\nWeekly Trade Triangles for Intermediate Term Trends = Positive<br \/>\nDaily Trade Triangles for Short-Term Trends = Negative<br \/>\nCombined Strength of Trend Score = + 55<br \/>\n-------------<br \/>\nSuggested Copper Trading Instruments:<br \/>\nNon Leveraged ETF's: (Long JJC)<br \/>\nFutures: Contracts are available to trade this market. Contact your broker<br \/>\nOptions: Options Contracts are available to trade this market.Contact  your broker<br \/>\nWARNING: Liquidity is some ETFs is very thin. Contact your broker for  more information.<\/p>\n<p>-------------<br \/>\nCRUDE OIL (DECEMBER)<br \/>\n-------------<br \/>\nOUR VIEW: Trading Range<\/p>\n<p>Our short term Trade Triangle moved into a positive position moving the  Chart Analysis Score to a +70. However, the December contract for crude  oil remains in a trading range bound by $90 a barrel support on the  downside, and $95 a barrel resistance on the upside. With a score of +70  this market maybe trying to move out of its broad trading range.  Depending what happens to equity markets and the global economy will  likely be reflected in this commodity. Intermediate term traders should  be on the sidelines and long-term traders should continue to be short  the crude oil market.<\/p>\n<p><a href=\"http:\/\/tv.ino.com\/free\/video.html?vidid=livestream-pla_c54b386d-9afd-438b-b44c-0b52d9740267&amp;mkt=blog1pm1103\" target=\"_blank\">See today's Crude Oil Video Here.<\/a><br \/>\n-------------<br \/>\nMonthly Trade Triangles for Long-Term Trends = Negative<br \/>\nWeekly Trade Triangles for Intermediate Term Trends = Positive<br \/>\nDaily Trade Triangles for Short-Term Trends = Positive<br \/>\nCombined Strength of Trend Score = + 70<br \/>\n-------------<br \/>\nSuggested Trading Instruments:<br \/>\nNon Leveraged ETF's: (Long USO) (Short the ETF USO)<br \/>\nLeveraged ETF's: (Long UCO) (Short DTO)<br \/>\nFutures: Contracts are available to trade this market. Contact your broker<br \/>\nOptions: Options Contracts are available to trade this market.Contact  your broker<br \/>\nWARNING: Liquidity is some ETFs is very thin. Contact your broker for  more information.<\/p>\n<p>-------------<br \/>\nENTER HERE TO WIN A FREE 1 YR SUBSCRIPTION TO MARKETCLUB ON A WiFi TABLET<br \/>\n-------------<br \/>\nDOLLAR INDEX<br \/>\n-------------<\/p>\n<p>OUR VIEW: Resistance at $77.50<\/p>\n<p>This index really needs to close over near term resistance at $77.50 to  get moving on the upside again. Today we expect to see the dollar index  trade between the $77.5 area and the $76.00 - $76.50 support level. A Chart  Analysis Score of +65 indicates that this market is in a trading range  bound by the levels mentioned. Obviously what is taking place in Europe  as a major impact on this particular index. We still feel that is going  to be resolved in a negative way for the euro and expect this index to  continue higher in the long-term. While our longer-term monthly Trade  Triangle remains in a positive mode, our intermediate term weekly Trade  Triangle remains in conflict. Long-Term traders should maintain long  positions with the appropriate stops in place.<\/p>\n<p><a href=\"http:\/\/tv.ino.com\/free\/video.html?vidid=livestream-pla_c54b386d-9afd-438b-b44c-0b52d9740267&amp;mkt=blog1pm1103\" target=\"_blank\">See today's Dollar Index Video Here.<\/a><br \/>\n-------------<br \/>\nMonthly Trade Triangles for Long-Term Trends = Positive<br \/>\nWeekly Trade Triangles for Intermediate Term Trends = Negative<br \/>\nDaily Trade Triangles for Short-Term Trends = Positive<br \/>\nCombined Strength of Trend Score = + 75<br \/>\n-------------<br \/>\nSuggested DOLLAR INDEX Trading Instruments:<br \/>\nNon Leveraged ETF's: (Long UUP) (Short UDN)<br \/>\nLeveraged ETF's: (Long) (Short)<br \/>\nFutures: Contracts are available to trade this market. Contact your broker<br \/>\nOptions: Options Contracts are available to trade this market.Contact  your broker<br \/>\nWARNING: Liquidity is some ETFs is very thin. Contact your broker for  more information.<\/p>\n<p>-------------<br \/>\nREUTERS\/JEFFERIES CRB COMMODITY INDEX<br \/>\n-------------<\/p>\n<p>OUR VIEW: A close below $316 negative for this index<\/p>\n<p>No change from yesterday's comments. Should the market close below $316,  I expect we will see further weakness. Like many of the other markets  where tracking right now, the CRB index is in a trading range with a  Chart Analysis Score of +55. Resistance is evident at the $325 level and  support should be yesterday's low, which was around $315 area. Look for  these levels to contain the market for the next few days. The move  outside of the Donchian trading channel was a little bit suspect given  that our longer-term Trade Triangles remain negative. Intermediate term  traders should be on the sidelines. Long-Term traders should maintain  short positions with the appropriate money management stops in place.<\/p>\n<p><a href=\"http:\/\/tv.ino.com\/free\/video.html?vidid=livestream-pla_c54b386d-9afd-438b-b44c-0b52d9740267&amp;mkt=blog1pm1103\" target=\"_blank\">See today's REUTERS\/JEFFERIES CRB COMMODITY INDEX Video Here. <\/a><br \/>\n---------------<br \/>\nMonthly Trade Triangles for Long-Term Trends = Negative<br \/>\nWeekly Trade Triangles for Intermediate Term Trends = Positive<br \/>\nDaily Trade Triangles for Short-Term Trends = Negative<br \/>\nCombined Strength of Trend Score = + 55<br \/>\n---------------<br \/>\nSuggested REUTERS\/JEFFERIES CRB COMMODITY INDEX Trading Instruments:<br \/>\nNon Leveraged ETF's: (Long CRBQ) (Short the ETF CRBQ)<br \/>\nLeveraged ETF's: (Long) (Short CMD)<br \/>\nFutures: Contracts are available to trade this market. Contact your broker<br \/>\nOptions: Options Contracts are available to trade this market.Contact  your broker<br \/>\nWARNING: Liquidity is some ETFs is very thin. Contact your broker for  more information.<\/p>\n<p>---------------<br \/>\nMarket proven, Trade Triangles catch the big moves.<br \/>\n--------------<\/p>\n<p>Ask yourself this question, <strong><span style=\"color: #3366ff;\">IS PERSONAL COACHING RIGHT FOR ME?<\/span><\/strong><\/p>\n<p>Give us a call today at <span style=\"color: #3366ff;\"><strong>877\u2013219\u20131482<\/strong><\/span> The call is free and the  consultation is free.<\/p>\n<p>You can watch my personal invitation to you about one-on-one coaching  <a href=\"http:\/\/www.marketclubcoaching.com\/now\/?1101\" target=\"_blank\">right here<\/a>.<br \/>\n--------------<\/p>\n<p>HOW TO USE THE MARKETCLUB SCORING SYSTEM:<\/p>\n<p>Chart Analysis Score: 50 - 65 Trading Range<br \/>\nChart Analysis Score: 70 - 80 Emerging Trend<br \/>\nChart Analysis Score: 85 - 100 Strong Trend<\/p>\n<p>This is Adam Hewison for MarketClub and I'll see you tomorrow, right  here with my mid-day update. Have a productive and profitable trading day.<\/p>\n<p>All the best,<\/p>\n<p><a href=\"http:\/\/club.ino.com\/trading\/about-adam-hewison\/\" target=\"_blank\">Adam Hewison<\/a><br \/>\nPresident INO.com and co-founder of MarketClub.com<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday, the 3rd of November. ENTER HERE TO WIN A FREE 1 YR SUBSCRIPTION TO MARKETCLUB ON A WiFi TABLET ------------- Europe cuts rates \u2026 and what happened to that missing $600 million? Europe cuts rates by .50 basis points. [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[4071,2082,3917,28,1961,1067,3839,3831,147,23,4072,307,2074,4053],"class_list":["post-10195","post","type-post","status-publish","format-standard","hentry","category-trading-videos","tag-8-95-trial","tag-copper","tag-crb","tag-crude-oil","tag-debt","tag-dollar","tag-donchian-channel","tag-dx","tag-fibonacci-resistance","tag-gold","tag-hp-tablet","tag-precious-metals","tag-sp500","tag-williamr"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Is Today&#039;s Market Close Important? - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wwwtest.ino.com\/blog\/2011\/11\/why-is-todays-market-close-important\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Is Today&#039;s Market Close Important? - INO.com Trader&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday, the 3rd of November. ENTER HERE TO WIN A FREE 1 YR SUBSCRIPTION TO MARKETCLUB ON A WiFi TABLET ------------- Europe cuts rates \u2026 and what happened to that missing $600 million? Europe cuts rates by .50 basis points. 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Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday, the 3rd of November. ENTER HERE TO WIN A FREE 1 YR SUBSCRIPTION TO MARKETCLUB ON A WiFi TABLET ------------- Europe cuts rates \u2026 and what happened to that missing $600 million? Europe cuts rates by .50 basis points. 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