Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Monday, the 1st of October.
The first day of October started dramatically with the price of gold shooting to its best levels in almost a year. We consider this to be a real indicator of peoples' fears about what's going on both in Europe, and more importantly the United States. Technically we have been bullish on gold, based on our Trade Triangle technology and we are holding onto all our long positions. We believe that gold will surpass the $2,000 an ounce mark in the not-too-distant future.
We also want to pay close attention to the crude oil market, as we believe this market can put in a strong performance in Q4. Equities are still in a bullish phase and we are targeting the S&P 500 to move to $1,550 some time next year.
Don't rule out further strength in the Euro. No matter what the problems are in Europe, we may have bigger problems here in the US.
Inflation Watch: A move over $320 on the Reuters/Jeffries CRB Index will be a sure sign that inflation will be coming on strong in 2013.
Now, let's analyze the major markets and stocks on the move using MarketClub's Trade Triangle Technology.
7 thoughts on “Daily Video Update: Hello Q4, Hello gold, and goodbye Dollar”
Whatever happened to getting out of the stock market because it was soon going to crash? Deflation, deflation, deflation was all I read here. Good thing I never bought into it! It's always amazing how wrong these blogs are. Seriously, one month ago ya'll were saying the exact opposite of today. Anyone listening to you would have sold the bottom. Not me, I bought on the way down and will be selling over the next year on the way up. Adam, a simple, "I was completely wrong about my deflation forecast" would be appropriate at this time.
I recently subscribed to another news letter in which they predicted the S & P debt rating service would down grade the US credit rating one again & it was supposed to be Oct 1st. Well it didn't happen & I believe the newsletter was simply trying to advertise their news letter. Has INO heard of this story?
Who cares? Rating agencies are part of what is called 'lagging indicators'.
dittos Carlos! Prescious metals through the roof
Ah, The Fed! I LOVE THOSE GUYS! More B S [Bernanke today], more smoke and mirrors, more artificial pumping of The Great Wall Street Casino, more currency debasement, more worthless debt, more tanking of The Economy, etc, etc. That’s great! My Precious Metals Portfolio is going THROUGH THE ROOF!!!
Hold your horses! There will be corrections along the way.
Yes. of course, there always is one. However. it does not matter to me. I buy and keep, I do not trade. My bullion portfolio is now 12 years old with accumulation through 3 weeks ago. As long as the Central Bankers are in business, I sleep very well. Thank you.
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