Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 22nd of February.
In addition to the markets we normally report on, we will also be looking at the following markets using our Trade Triangle technology.
GOD BLESS MEG ...
Is Meg Whitman going to create a miracle with Hewlett-Packard (HPQ)? Yesterday, HP announced its earnings and while its profits were dramatically lower, it was not as bad as most analysts had expected. But here's the interesting news, technically HP appears to be making a base in which to move higher. The key level we are watching for the rest of the month is $17.50. Should HP stock move over this level, all of our Trade Triangles will turn green. If this happens, and it is a big "if", the major downtrend for HP will have finally reversed its three year decline. We will be looking at HP stock today using our Trade Triangle technology.
AIG FINALLY MAKES A PROFIT
AIG, the poster child for government bailouts, had fourth-quarter results beat most analysts estimates and they managed to create an operating profit. Has AIG finally risen from the dead? In today's report, we will be looking at AIG and how our Trade Triangles got this one right when most other analysts got it wrong. The point I would like to make is not that we are smarter than everybody else, but rather that technical analysis and our Trade Triangles, which are completely neutral on the markets, have a way of catching moves before they become known to the general public. That is the power of MarketClub's Trade Triangles in conjunction with a technical approach to the markets.
ABBONDANZA … IT'S THE ITALIAN ELECTIONS THIS WEEKEND
Abbondanza is one of my favorite words in all the world and loosely translated this Italian word means abundance, richness, wealth, and affluence. Unfortunately when it comes to Italy, which is ranked 180th in the world for economic growth, it is difficult to apply this word to this country. The elections this Sunday will hopefully change this dismal economic growth record and put Italy on the right track to economic prosperity. Running for reelection is the notorious former Prime Minister, Silvio Berlusconi, he is hoping to make a comeback in the elections. Berlusconi is widely accused of corruption and failing to prevent Italy's economic crisis. He is also awaiting trial on charges of paying for sex with a minor, what is known in Italy as the "bunga bunga" scandal. If nothing else, Italy is a colorful country, which desperately needs some abbondanza right now. We will be watching the election results over the weekend and also the ETF symbol, (EWI), which tracks MSCI Italy Index.
Have a great weekend everyone. Look forward to being back with you on Monday.