Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Tuesday, the 24th of September.
The four day slide in the DOW (INDEX:DJI) pulled this index back to a perfect 30.2% Fibonacci retracement, where the market found support. With our long and intermediate term Trade Triangles in a positive mode, I am looking for this and the other market indices to resume their upward trend. The headwinds are of course, funding of the federal government, tapering, Syria and Muslim extremism. Any of those events could spook the markets in the month of October.
Today, President Obama is speaking at the United Nations (now there is a misnomer). I'm not sure what that's going to do, as the UN has been a largely ineffective organization since its inception on 24th of October, 1945. The U.S., thanks to your tax dollars, funds 22% of the UN, China 5.15%, and Russia 2.5%.
Gold continues to struggle and the question is, is gold close to a major bottom? I will be examining gold, plus reporting on the following stocks in today's video report.
If you would like to leave a comment on anything I have discussed in today's video, we would love to get your feedback.
Have a great trading day,
Adam appears frequently on the following financial news channels as a guest expert. Click on any cable logo to watch Adam's latest appearance.