Hello traders everywhere! Jeremy Lutz here, filling in for Adam with your mid-day market update for Friday, the 28th of October.
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The major indices are nearly unchanged after moving moderately lower earlier in the session today.
It appears that traders are reluctant to make any significant moves following the substantial upward move Thursday. That move was caused by news that European leaders finally made headway towards a potential deal to resolve the regional debt crisis.
Traders look to be taking a "wait and see" approach to this rally, wondering if there will be any follow through next week.
Now, let's go to the charts and see how we can create and maintain your wealth in 2011.
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S&P 500 INDEX
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Intermediate traders should be on the sidelines waiting for a new Trade Triangle signal. Long-term traders should either be in cash or continue to hold short positions in this index.
See today's S&P 500 Video Here.
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Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Positive
Combined Strength of Trend Score = + 70
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Suggested S&P 500 Trading Instruments:
Non Leveraged ETF's: (Long SPY) (Short SH)
2 x Leveraged ETF's: (Long SSO)(Short SDS)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.
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SILVER (SPOT)
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Generally speaking, the major trend for this metal continues to be negative, while the intermediate trend is positive based on our Trade Triangles. Long-term traders should continue to hold short positions in silver with appropriate stops. Intermediate term traders are on the sidelines.
See today's Silver Video Here.
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Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trend = Positive
Daily Trade Triangles for Short-Term Trends = Positive
Combined Strength of Trend Score = + 60
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Suggested SILVER Trading Instruments:
Non Leveraged ETF's: (Long SLV) (Short the ETF SLV)
Leveraged ETF's: (Long AGQ) (Short ZSL)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.
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GOLD (SPOT)
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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.
See today's Gold Video Here.
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Monthly Trade Triangles for Long-Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Positive
Combined Strength of Trend Score = + 90
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Suggested GOLD Trading Instruments:
Non Leveraged ETF's: (Long GLD) (Short the ETF GLD)
Leveraged ETF's:(Long UGL) (Short GLL)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.
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CRUDE OIL (DECEMBER)
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Our long-term Trade Triangle continues to be negative, while our intermediate weekly Trade Triangle is positive. Intermediate term traders should be on the sidelines and long-term traders should continue to be short the crude oil market.
See today's Crude Oil Video Here.
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Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Negative
Combined Strength of Trend Score = + 70
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Suggested Trading Instruments:
Non Leveraged ETF's: (Long USO) (Short the ETF USO)
Leveraged ETF's: (Long UCO) (Short DTO)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.
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LAST DAY TO ENTER HERE TO WIN A FREE 1 YR SUBSCRIPTION TO MARKETCLUB ON A WiFi TABLET
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DOLLAR INDEX
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While our longer-term monthly Trade Triangle remains in a positive mode our intermediate term weekly Trade Triangle remains in a negative mode. Long-Term traders should maintain long positions with the appropriate stops in place. Intermediate term traders should be on the sidelines.
See today's Dollar Index Video Here.
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Monthly Trade Triangles for Long-Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Negative
Daily Trade Triangles for Short-Term Trends = Negative
Combined Strength of Trend Score = - 70
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Suggested DOLLAR INDEX Trading Instruments:
Non Leveraged ETF's: (Long UUP) (Short UDN)
Leveraged ETF's: (Long) (Short)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.
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REUTERS/JEFFERIES CRB COMMODITY INDEX
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Intermediate term traders should be on the sidelines. Long-Term traders should maintain short positions with the appropriate money management stops in place.
See today's REUTERS/JEFFERIES CRB COMMODITY INDEX Video Here.
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Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Postive
Daily Trade Triangles for Short-Term Trends = Positive
Combined Strength of Trend Score = + 70
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Suggested REUTERS/JEFFERIES CRB COMMODITY INDEX Trading Instruments:
Non Leveraged ETF's: (Long CRBQ) (Short the ETF CRBQ)
Leveraged ETF's: (Long) (Short CMD)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.
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As always, we rely on our market proven Trade Triangle technology for catching the big moves.
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This is Jeremy Lutz for MarketClub, have a great trading day. Make sure you tune in tomorrow for Adam's weekend update. He'll give you his thoughts about the week and what he thinks next week will hold in store.
All the best,
Jeremy Lutz
Head of Technical Support for MarketClub and INO.com
The offer looks pretty clear to me...try the program for $8.95 and be entered to win a HP touchpad. Illegal?? As they say on Monday Night Football...C'Mon Man!
to participate in your "free" drawing, you requite. a $8.99 "trial membership...this is illegal in most of the US.
Yesterday could have been an exhaustion gap. I think it's a good way to end a tremendous rally, don't you? Nothing lasts forever... not even a commentators "wrongness"
A comment on how trading is done in the market . . . something like 70% of the trades that take place now on Wall Street are done by big banks using extremely high-speed computers. So when you hear about what the "traders" are doing, don't think about guys like us that read columns on this website, think JPM and baskets of trades that are at least $1 million, being executed many, many times faster than with your online trading account. Think "market manipulation". These guys don't follow rules or laws, they aren't required to.
100% it was NOT.