Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Friday, the 11th of October.
I first learned about the real meaning of WTF while I was a member of the Chicago Mercantile Exchange, back when I was trading in the pits, standing shoulder to shoulder with some of the smartest traders in the world.
It was back when the movie Star Wars was all the rage and George Lucas was at the height of his very successful, creative career. The iconic line from the movie that struck a cord with everyone was, "May the force be with you."
How that quote made it into the trading pits of Chicago will always be a mystery to me. The members of the exchange took WTF, a slang term, and translated that to stand for "What's The Force?", loosely interpreted to mean, is the force up or down for the market? This term was especially common on Fridays when traders had to decide whether they were going to hold or fold their positions over the weekend.
So I say to you this Friday, WTF?
As I mentioned in yesterday's broadcast, I feel that the market has put in a low and the market action appears to be telling us that it wants to go higher. Certainly the news out of Washington DC is looking a little less frigid and more friendly to the markets. A resolution, when it comes (this weekend?), will be a big positive for the markets.
Taking a quick look at our Smart Scan technology tells me there are more markets making new 52-week highs, compared to those making new 52-week lows. With that said, it would appear that the "Force" favors the long side of the market.
As always, I appreciate your thoughts and hearing about your successes and challenges in the markets. We will do our best to answer every one of your comments.
Have a great trading day,
Adam appears frequently on the following financial news channels as a guest expert. Click on any cable logo to watch Adam's latest appearance.