Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Friday, the 25th of October.
There’s no doubt about it, Carl Icahn has been on a winning streak lately with Netflix (NASDAQ:NFLX) and Apple (NASDAQ:AAPL) making big bucks even by billionaire status. One of Carl’s other stocks is the energy company, Talisman Energy Inc. (NYSE:TLM).
Technically I also like this stock, as all of the Trade Triangles are in a positive mode. Last month Talisman Energy closed at $11.51 and is currently trading around the $12.30 area, up a solid 6.8%.
Potentially, I can see this market moving much higher because it's in the energy business and it looks as though energy has just about run its downward correction. In today’s video, I'll show you exactly where I think this market can go in the next several months.
I will also be taking a closer look at gold, which gave a buy signal yesterday, and discuss where I think this market is headed.
Don’t forget the "52-week new highs on Friday" rules.
Rule #1: On a new 52-week high when the market closes at or close to its high on a Friday, buy and go home long for the weekend.
Rule #2: Exit long position on the opening the following Tuesday.
Rule #3: If the market opens lower on Monday, exit this position immediately.
The "52-week new highs on Friday" rules work extremely well in futures and Forex.
I always appreciate your comments and feedback, so please feel free to leave them on this blog, along with any questions you might have for us.
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.