Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday, the 24th of January.
The news after the bell yesterday was not so good for Apple. In after hours trading, Apple plunged down over 10%, losing over $40 billion its value in a little less than 90 minutes! To put that in perspective, Apple's loss of $40 billion in shareholders' value was greater than the total value of Wells Fargo Bank! Our Trade Triangle technology nailed Apple stock months ago and signaled its move to the downside.
Our technical indicators have been bullish on the stock market for some time now. That posture is paying some nice dividends today as we witnessed the S&P 500 climb above the 1,500 level for the first time in 5 years. We believe that this market still has further to go on the upside and can move up to the 1,550 to 1,600 levels in the not too distant future.
This morning, NetFlix exploded to the upside, making one billionaire investor, Carl Ichan, very happy. Carl just made a quarter of a billion dollars this morning when NetFlix opened for business. We will give NetFlix the Trade Triangle test today.
We will be covering Apple, NetFlix, S&P 500 and the forex markets. Don't forget to watch and and share your comments with us on our blog.
Have a great trading day,
President INO.com and co-founder of MarketClub