Hello traders everywhere! Adam Hewison here, President of INO.com and co-creator of MarketClub, with your video update for Friday, the 7th of February.
After getting pummeled the past several weeks, the markets recovered some this week and appear as though the indices are going to close out either flat or with modest gains. Many popular stocks are showing gains on average of about 3%, not a bad move given how much they were pushed down.
Gold and crude oil also moved in the same direction, each gaining on average a little less than 1% for the week. The mighty Dollar on the other hand did not fare so well this past week, losing close to 1% in heavy interbank trading.
Is this a dead cat bounce or is this a meaningful turn in the market? Also on traders' minds is the fact that gold continues to meander sideways and really hasn't moved as many traders expected. I believe that patience is the key to this market.
Of course, there are still problems in Washington, the non-farm payrolls came out today and painted a dismal picture. Treasury Secretary, Jack Lew, is telling us that the government will run out of "extraordinary measures" to keep afloat by the end of February if Congress does not act to raise the debt limit. It sounds like we have heard this all before, doesn't it?
Stock Changes For The Week
Every success with MarketClub,
Adam appears frequently on the following financial news channels as a guest expert. Click on any cable logo to watch Adam's latest appearance.