Hello traders everywhere. Adam Hewison here, co-founder of MarketClub, with your 1 p.m. market update for Friday the 24th of June.
It has been quite a week with the Greek problem still not out of the woods. Ben Bernanke indicated that the economy is not so good after all. Plus the release of 30 million barrels of oil just enough for the US to get through a day or two. How crazy is all of that.
Okay, here it is the end of the week and the markets are mixed at 1pm. The Dow is down for the week right now, the NASDAQ is on the plus side, and the S&P500 is stuck in the middle of the road and has barely changed this week.
Now let's take a look at what's happening in the markets today... Continue reading "Trading on "Eggshells""
Bernanke gave his second speech last Wednesday voicing his pessimism regarding the state of the U.S. economy. After his speech, people were left with mixed emotions on whether there is any worth to his words and if he (and the FED) will ever make this attempted recovery successful. So we are taking our own approval rating...
Hello traders everywhere. Adam Hewison here, co-founder of MarketClub, with your 1 p.m. market update for Thursday the 23rd of June.
Choppy, choppy, markets. Today's action should be viewed as a test of the lower range in the S&P 500. This market is very close to breaking the 200 day moving average. Many traders consider this to be one of the most important long-term technical indicators for the equity markets. The exception to this is the NASDAQ that is already below the 200 day moving average and looks like we're going to see further downside action. The other big news was the sharp drop in precious metals. We were warning about this in our commentary yesterday as gold was grudgingly going up and up, popping above the upper levels of the Donchian channel. The release of 30 million barrels of crude oil will last about a day and a half in the US. This action can only be viewed in my mind as a desperate measure to win popularity for the current administration. I have seen many times in the past that when governments get involved in the markets, they never come out ahead. As we said in yesterday's video, a low risk entry point for short term traders should be around $90.07 at the bottom end of the Donchian channel.
Now let's take a look at the markets... Continue reading "Barrel of Monkeys?"
Hello traders everywhere. Adam Hewison here, co-founder of MarketClub, with your 1 p.m. market update for Wednesday the 22nd of June.
Yesterday it was Greece, today it's Ben Bernanke and the FED. What is really going on with the equity market is that no one has strong feelings either on the upside or downside . This neutrality is reflected in our +55 reading indicating that the market remains in a trading range. Today we want to do something a little bit different, I am going to go through each of the markets quickly, and then zoom in and focus on two markets crude oil and silver. I think you'll find our analysis quite interesting and informative.
Now let's take a look at what's happening in the markets... Continue reading "Does Bernanke know best?"
Hello traders everywhere, Adam Hewison here co-founder of MarketClub with your 1 p.m. market update for Tuesday the 21st of June.
All eyes are on Greece as the vote will be taken this afternoon at five o'clock Eastern standard Time. That is a vote of confidence on the last 30 measures and also on the government. As you know, the market has been in an oversold condition and I think today's rally was reflective of that move from an oversold condition. Crucial 5 PM Vote comes in when the markets are closed. If there is a vote that is negative then these markets will come crashing down tomorrow. This is just like gambling in that no one knows what's going to happen with the Greek government. My own view is if they do agree on what they're doing it will just be kicking the can down the road.
Now let's take a look at the markets.... Continue reading "All Eyes Are On Greece"