"Rabbit, rabbit, rabbit" is a common British superstition which states that a person should say the words "rabbit, rabbit, rabbit" out loud upon waking on the first day of the month. According to legend and lore, this will ensure good luck for the duration of that month.
One trader I knew on the floor of the CME carried a rabbit's foot in his pocket everyday! He claimed it gave him good luck with his trading. Judging from his success, I would have to say it worked!!
So don't forget, on the first of December to say "rabbit, rabbit, rabbit" when you wake up. It can't hurt.
The stock markets are gradually getting back to normal and into the swing of things again. Certainly today's 1% rally in the major indices is a good indication that more and more traders are once again back at their desks and focusing on the markets.
Yesterday we discussed the corporate changes at Apple. In today's video, we will analyze Apple in detail and showed some key elements that we think are in play in this stock.
Now, let's go to the markets and see what our Trade Triangles are indicating.
THREE STOCKS TO AVOID:
CIRRUS LOGIC (CRUS), TERADATA (TDC), DUKE REALTY (DRE)
THREE STOCKS TO BUY:
TYSON FOOD (TSN), HARLEY DAVIDSON (HOG), STATE STREET (STT)
WILD CARDS: US Election, Fiscal Cliff, Terrorism, Libya, and Europe.
QUICK TAKE ON THE MARKETS:
S&P 500: Getting back to normal. Look for thin trading and a broad trading range for the balance of the week. The major trend for the S&P 500 remains positive according to our Trade Triangle technology. Based on our intermediate-term weekly Trade Triangle, we are on the sidelines in this index. Resistance at $1,436 and psychological support at $1,410 to $1,400.
CLOSED LAST FRIDAY AT $1,411.94
CRUDE OIL (Dec): Higher for the week, expect to see a rally. The long-term trend is positive. Only our intermediate-term weekly Trade Triangle remains negative. Major support at $85.50 a barrel on the December contract.
CLOSED LAST FRIDAY AT $86.30
EURO (Spot): Positive trend for the Euro, which is currently flat on the week. All three of our Trade Triangles are green and are bullish for the Euro. We are getting a little concerned that we are putting in a potential twin peak in the Euro. Pay close attention to the daily and weekly Trade Triangles.
CLOSED LAST FRIDAY AT 1.2937
GOLD (Spot): Gold is higher for the week. Our monthly and daily Trade Triangles are green and bullish on gold. Only our weekly Trade Triangle remains red. Look for support around the $1,705 level. We are expecting gold to move higher from current levels.
CLOSED LAST FRIDAY AT $1,711.05
COPPER (Dec): Broad trading range, but currently higher for the week. Both our long-term and short-term Trade Triangles are green and bullish on copper. Support at $3.5000.
CLOSED LAST FRIDAY AT $3.5490
SILVER (Spot): Higher for the week and expecting further strength. Support at $31.50. Our monthly Trade Triangle and daily Trade Triangle are both green and bullish on silver. Silver is oversold and has a positive divergence to the upside. Watch the $32.50 level, a move and close over this level signifies a stronger rally.
CLOSED LAST FRIDAY AT $31.95
Last chance to download my latest e-book. Here's that link again.
Every success in trading and have a great weekend.
Founder & President INO.com and co-founder of MarketClub.com.