Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 30th of November.
THREE COUNTRY ETFs THAT ROCK!
I thought it was interesting to look at some country ETFs today and see what our Trade Triangle technology has to say about them.
The first country ETF that stands out and surprised us was the ETF for Mexico (symbol EWW). This ETF has been doing very well lately, and with a Chart Analysis Score of +100 this market is likely to continue higher.
Next is Spain, can you believe that? With all of the talk of problems in Europe, this ETF for Spain (symbol EWP) is doing very well with a +100 Score.
The ETF for Taiwan is also on our list (symbol EWT) and has also been trending well with a +100 Score.
These three symbols have been doing much better than the S&P 500 index, which is still technically in a sideways mode according to our Trade Triangle technology.
The key lesson here is to remember that the world is your oyster, and you have the tools in the form of ETFs to easily trade in markets you might not have considered before.
THE METALS MARK TIME
Silver, copper, and gold are all in bull trends to the upside. Presently silver and copper have a Score of +100 and are technically stronger than gold. Based on our Trade Triangle technology, we see all three markets trending higher.
IS CRUDE OIL AT THE BEGINNING OF A BIG UP MOVE?
Generally speaking, crude oil is in a trading range between $90 on the upside and $86 on the downside. To really get the market moving to the upside we need to close over the $90 a barrel level. We expect the current trading range will be resolved with the odds favoring the upside.
S&P 500 : Higher for the week.
CLOSED LAST FRIDAY AT $1,409.15.
CRUDE OIL (January Contract) : Higher for the week.
CLOSED LAST FRIDAY AT $88.33.
EURO (Spot) : Higher for the week.
CLOSED LAST FRIDAY AT 1.2970.
GOLD (Spot) : Lower for the week.
CLOSED LAST FRIDAY AT $1,751.55.
COPPER (December Contract) : Higher for the week.
CLOSED LAST FRIDAY AT $3.5290.
SILVER (Spot) : Higher for the week.
CLOSED LAST FRIDAY AT $33.90.
Now, let's go to the markets and see what our Trade Triangles are indicating.
Have a great trading day,
Adam Hewison
Founder & President INO.com and co-founder of MarketClub.com.
What about the ETF's EWO, EWK, and RSx? Even GREK?