Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 14th of December.
WHAT ARE YOU DOING THE SILLY SEASON?
Well silly season officially starts tomorrow and goes through to the first week of January. This is when the markets become unpredictable and very thinly traded as most professional traders have left to go on vacation or to enjoy the season with their families. As for myself I'm off on a cruise over silly season and what I consider a well-deserved break from the markets. Every year it's good to have a solid break from the markets and come back refreshed.
What do you have planned for silly season? If you haven't voted already please vote on our poll. It's so was interesting to see what everyone is doing. As for the markets I expect them to get quieter and thinner until the second week in January when market action and volume begins to pick up. If you're following any one of our three portfolios you'll simply stick with the game plan as it has been proven time and time again that this strategy works.
WHEN TWO PEOPLE HATE EACH OTHER IT'S HARD TO COME TO A COMPROMISE!
Maybe hate is too strong a word but it's pretty clear that Pres. Obama and House Speaker John Boehner despise each other. In circumstances like this it is incredibly difficult to come to any type of compromise. Eventually we will get there, but I would be shocked if we get there before the end of the year.
Businesses both large and small need to know what the rules and expenses are going to be in 2013. Uncertainty is the worst kind of environment for businesses to thrive in. Our company, like thousands and thousands of other companies in the United States really do want to see the "FISCAL CLIFF" resolved so we can all move forward and focus on what we do best. This bickering and gamesmanship by both parties is hurting the country, consumer confidence and commerce in general. Everyone wants to see an agreement in place as it would be viewed as a positive and not a negative. As the sign on my office wall reads "there is no free lunch", everyone has to take a haircut, and there will be pain. But this is better than being held hostage by the politicians in Washington.
S&P 500 (Cash) : Lower for the week
CLOSED LAST FRIDAY AT 1,418.07
CRUDE OIL (Jan) : Higher for the week
CLOSED LAST FRIDAY AT 85.88
GOLD (Spot) : Lower for the week
CLOSED LAST FRIDAY AT 1,704.29
COPPER (Mar) : Higher for the week
CLOSED LAST FRIDAY AT 3.6640
EURO (Spot) : Higher for the week
CLOSED LAST FRIDAY AT 1.2926
SILVER (Spot) : Lower for the week
CLOSED LAST FRIDAY AT 32.98
Have a great trading day and weekend,
Founder & President INO.com and co-founder of MarketClub.com.