Hello, traders everywhere. Adam Hewison here, co-founder of MarketClub, with your market update for Friday the 8th of July.
It was a shocker. We only created 18,000 jobs and unemployment jumped up to 9.2% - how can we say things are getting better when here we are basically two years after the low in the equity markets with unemployment still stubbornly stuck over 9% and probably going back over 10%.
Folks, there is no "Plan B". For the past two years, this administration has declared warfare on business, particularly small businesses - the folks who actually create jobs in this country!
It is amazing to me that they could be so blinded with their political philosophy that they have actually forgotten that there are real people out of work that need jobs. Small businesses - the very people who create 70% of all jobs in America, are being punished as the current administration wants to tax them more. How stupid can things get. Oh, they can get pretty stupid.
As I mentioned yesterday in my 1 p.m. update, I felt that the S&P was in thin air and also as cyclic high. I think we could be seeing the start of a 15 to 20 day correction. We also recommended taking some money off the table in our crude oil trade which also went very well.
As mentioned earlier I'm doing this report a little bit earlier as I feel today could be an important turning point in the markets.
Now let's see how we can protect and make your money grow. Click here to watch the video.
One of things we like to do on Friday is check the markets for 52-week highs and 52-week lows. This is easy to do with MarketClub's SmartScan technology. Here's how you do it:
First, go to the SmartScan tab and choose 52 week highs,then filter the results (watch video) using criteria that matches our own personality and price points.
Now, you want to do this starting around 3:30 to 3:45 on Fridays. This will show you the markets that are really strong. The idea is to go with the flow for the weekend and take profits on the opening on Tuesday morning.
It's a simple approach and it's worked out very well in the past. I suggest you do this and track it yourself for a while just to get a feel of the concept. We will also be doing the same thing and recapping the markets that came up on our 5 p.m. show on Wednesday. You wont want to miss this recap as it will be an eye opener for you.
Now here's what I promised you:
"If you haven't yet had a chance to take my FREE 10 part trading course, I have a special treat for you. Just scan the screen with your enabled smart phone, pda, iPhone, iPad etc for instant access."
President of INO.com
Co-founder of MarketClub
10 thoughts on “No "Plan B"”
Nice post! Can tell you lean pretty hard to the left. When will this current administration (and it's supporters) quit this nonsensical blameshifting and start owning up to the mess it has created.
Yes, Bush handed Obama a mess, but Bush is gone. We have to quit blaming him. It's embarrassing to hear. Two me the main problem is two fundamental, ideological differences between liberals and conservatives, almost as if we were each from a different planet.
How are we as a country going to get the economy going when 50% of Americans pay no Federal Income tax. Not only that, but about 50% of jobs in this country are mostly non producing government jobs that have nothing to do with spuring the ecomomy. And to top it all off, the best of all, is that about 50% of Americans now believe in income redistibution.
This is all simply beautiful. Man, I blame liberalism for all this mess. Yes, many repubicans have been complicit and are faceless cowards, but at least it now appears they want to do the right thing before this country goes broke and Anarchy is the new game in town.
So, for a minute, quit blaming Bush and republicans. With the facts I just presented above, what is your suggestion? More government?
Would appreciate your thoughts?
I hate to say it, but some times you have to do something either non-sensical or totally off the beaten path of your normal routine...i.e. make money through stock trading, be a good Daddy, Husband and American.
What I am talking about, is taking a load off at night and watching "Big Brother." This is a study in human behvior much like differentiating the different types of charts. No pressure there though, it just sends my mind into la la land for the time being, gives my mind and spirit a rest and most of the time I wake up rested and energized.
So, traders, remember that. "Big Brother" will give you and edge trading stocks, all imho.
Bogus numbers here for starters.
From the SBA "Of 120.6 million nonfarm private sector workers in 2007, small firms employed 59.9 million and large firms employed 60.7 million." so the statement "the very people who create 70% of all jobs in America" is simply not true.
As for the taxes, according to the SBA "Of the 15.5 million individuals whose primary occupation was self-employment (incorporated and unincorporated), the median personal marginal federal tax rate was 10 percent in 2008. Only 4.1 percent of the self-employed were in the marginal tax bracket of 33 percent or more." So the idea that restoring taxes on the wealthiest Americans back to the G.H.W.Bush levels will destroying small businesses is just plain BS.....
Since no one has raised taxes since the first President Bush did in 1990, how can you blame the current administration? They haven't raised taxes at all in 2 1/2 years in office.
I sincerely doubt Adam will reply. There is little substance to his posts. And incidentally, if you haven't noticed, his business is going down the tubes. Subscribers are leaving in droves as they figure out the "algorithm of the trade triangles." Hence, the daily updates and market reports.
What incenses me are the idiotic remarks (like the one you quoted) that are spoon feed to his readers. My advice to Adam is simple- stick to opinions about the markets and leave the Obama bashing and political insights to the geniuses at Fox.
Eric J Meyers
Afraid to post my comment, Adam?
"Small businesses are being punished as the current administration wants to tax them more."
This is just a dumb, misinformed remark. Billionaires from across the country have said they don't need a tax break - Buffet is one of the biggest - and you equate that somehow with small biz? Read up on it - taxation is not sinking employment, companies have figured out how to automate, do more with less, and ship the rest of the jobs overseas.
Tell us more about your model please
Quite frankly I'm tired of hearing Adam complaining about the administration.
The truth is that the banks are hoarding the cash they were given by the Bush administration. Then, they're not lending any of that cash to "small businesses". And finally, Republicans are stalling and stonewalling every effort made by the Obama administration.
Please keep in mind that our previous cowboy administration, with capitalistic ways helped deregulate the markets to get into the mess we're still in today.
The current administration has done the best it can with the mess it was handed. The Republicans with all of their control have yet to produce a single jobs bill, but they have tons of excuses.
like you said many times, forget about economic fundamentals, yes fundamentals are bad. Instead, think about what we need to do as traders? This is traders market.
My model shows that this is just pause, next week SP 500 will continue to go higher, and VIX will continue to drop. It will suprise to a lots of people. we will have a very good summer rally. traders need to buy dip now.
My model also shows market will drop by end of year.
Watch the market and see what it does!
A SHOCKER?? Job creation requires an expanding economy. The American economy has NOT been really expanding. An ILLUSION of expansion was created by AN ADDITIONAL three trillion dollar pump by the Fed since 2008 (Look at the National Debt Chart), in an unbelievably naive and useless effort to prevent what could have been a 1 to 2 year recession/depression correction followed by healthy economic growth. Now, instead, the American Economy will likely fester and limp along for 10 years like Japan is doing. "We are NOT Japan" the pundits said! RIGHT!!
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