Crude holds steady, stocks hold steady, and gold marches higher!

Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday, the 23rd of February.

Crude oil holds and consolidates.
Is crude oil topping out or resting to go higher?

Gold continues to march higher.
Let's take look at the next major resistance area for gold.

3 Stocks on the move today:
METROPCS COMMUNICATIONS (PCS), DENBURY RESOURCES (DNR), and HEWLETT PACKARD CO (HPQ).
Did MarketClub's Trade Triangle technology get it right on these three stocks?

Now, let's analyze the markets using MarketClub's Trade Triangle Technology.
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S&P 500 INDEX
BIG PICTURE:  Strong Trend  +85
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bearish

Positive market action in this index again today. We would view a close over the $1363 level as positive. This looks like an excellent setup for Friday. Longer-term we expect this market to move up to the $1550 to $1600 level by late May, early June based on our cyclic work. With two of our Trade Triangles green, a bull market is underway.  Long and Intermediate term traders should now be holding long positions in this index with appropriate money management stops.
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See suggested S&P 500 trading instruments HERE.
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Give us a call at: 1-877-219-1482
International: 1-801-341-3981
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SILVER (SPOT)
BIG PICTURE: Strong Trend  +100
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish

A move and close over $36.00 would be a game changer for silver, as it breaks a major downtrend line. This would set up a target zone of around $44.00. We want to be patient and wait to see if this actually happens. Our long-term monthly Trade Triangle turned positive today. This particular indicator has done extremely well in the past. Long and Intermediate term traders should be in long positions in silver with appropriate money management stops.
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See suggested SILVER trading instruments HERE.
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GOLD (SPOT)
BIG PICTURE: Emerging Trend  +70
TRADE TRIANGLES: Monthly = Bearish | Weekly = Bullish | Daily = Bullish

Gold is fast approaching the major resistance level at $1800 an ounce and we expect that this will be a major in pediment to this market's run up. With a Score of +70, the gold market is in the early stages of an emerging trend. With our long-term monthly Trade Triangle still in a negative red mode, we cannot get to excited about this market at the moment. We are not bearish on this metal, we just need further confirmation with the tools we know are successful in trading gold. Long-term term traders should be in short positions in gold with appropriate money management stops. Intermediate term traders should be on the sidelines.
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See suggested GOLD trading instruments HERE.
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COPPER (MAY 2012)

BIG PICTURE: Trading Range  -55
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bullish

With a Score of -55, the copper market is regrouping from it's recent sell-off and is now in a trading range. We continue to view the longer-term trend in copper as positive. Look for support at the $3.77 level. The market action looks as though it has created a large base to move higher in the future. Long term traders should now be holding long positions in this index with appropriate money management stops.
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See suggested COPPER trading instruments HERE.
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CRUDE OIL (APRIL 2012)
BIG PICTURE: Strong Trend  +100
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish

After the recent run-up in crude oil, we feel the market is now regrouping to gather strength to move higher. See our special report on crude oil. We are looking for crude oil to make it's highs probably somewhere in the May period.  With a Score of +100, this market is in a strong trend to the upside. We remain longer term positive on this market. With our monthly, weekly and daily Trade Triangles in a positive mode, we expect we will see further gains in crude oil. Traders should be long this market with appropriate money management stops.
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See suggested CRUDE OIL trading instruments HERE.
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DOLLAR INDEX
BIG PICTURE: Trading Range  -70
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bearish | Daily = Bearish

Look for this index to begin to find support at $78.50. With a Score of -70, this market is once again in a emerging trend to the downside. Long term traders using our monthly Trade Triangles should maintain long positions with the appropriate stops in place.
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See suggested DOLLAR INDEX trading instruments HERE.
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REUTERS/JEFFERIES CRB COMMODITY INDEX
BIG PICTURE: Emerging Trend  +90
TRADE TRIANGLES: Monthly = Bullish | Weekly = Bullish | Daily = Bullish

With all of our Trade Triangles green, it would appear this market is sending a signal that inflation is just around the corner. Look for this market to move steadily higher. A close over $325 should be viewed as very bullish. With a Score of +90 and in a strong uptrend, look for any pullbacks to be met by good support.  Long-term and intermediate term traders should hold long positions in this index with appropriate money management stops.
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See suggested REUTERS/JEFFERIES CRB COMMODITY INDEX trading instruments HERE.
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This is Adam Hewison for MarketClub and I'll see you tomorrow with my mid-day update. Have a profitable trading day.

Take care everyone,
Adam Hewison
President INO.com and co-founder of MarketClub.com

9 thoughts on “Crude holds steady, stocks hold steady, and gold marches higher!

  1. Jeremy,

    I was just looking at the cl.j12 chart, and think there is an error in the data for the last couple of days. Yesterday it looked correct, and now, while today looks right, the previous couple of days look off....

    thanks

    Andrew

    1. Andrew,

      Our Tech Team is currently looking at the data on the CL charts and applying a fix. Hopefully they will have it fixed very soon.

      Thank you for your patience.

      Best,
      Jeremy

  2. Dennis,

    I have been following INO triangle trading for a while and find that it is most helpful in trending markets, INO is careful not to suggest you get into trades too soon without confirmation and so their entry points may seem conservative especially in choppy markets. I think their suggested entry and stop exits are based on trying to have a large % of winning trades and that results in you waiting for price reversals to complete before entering the trade.

  3. We will retest the former high of 147 and gas goes between 4.5 and 5 minimum.

  4. With geoplitical tensions I foresee oil going much higher (now at 108) and will retest old highs of 147 !!

    Gasoline will easily go over $4..
    and would not be suprised to see $5

  5. Adam, in all due respect, the trade triangles are not working and have not for some time when you look at gold and silver. I just do not believe that the charting is current in the markets in the world we live in. Dollar tracking, metal tracking, inflation tracking all have proven very costly to your charting models, at all levels of trading.
    It is unfair not to address these fundamental problems with your model. No I am not a member, and it is because I have followed your web site for some time, and have never felt confident in the triangles. Possibly, they have proven in previous markets, but have not seen much that I could feel good about.

    Best Regards
    Dennis

    1. Dennis,

      Thank you for your honest opinion. However being that you are not a member I don't think you can judge a book by it's cover. I would urge you to take a trial for 30 days and look under the hood to see the Trade Triangles and exactly how they have performed according to our technique and usage.

      Although our longer term outlook on Gold is negative our short term outlook is positive. In fact we just went both long and short term positive for Silver

      Cheers,
      Jeremy

  6. UGA since on or about Christmas for a nice ride.

    Check the Gas pumps at your favourite gas station lately ?

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