Hello traders everywhere! Adam Hewison here, President of INO.com and co-creator of MarketClub, with your video update for Friday, the 22nd of November.
With yesterday's record high close of 16,009.99 in the Dow (INDEX:DJI), it would appear as though the stage is set for further gains in this index. Many of the stocks that make up this index are doing very well, stocks like Intel (NASDAQ:INTC), American Express (NYSE:AXP), Bank of America (NYSE:BAC), Walt Disney (NYSE:DIS), Home Depot (NYSE:HD), JP Morgan (NYSE:JPM) and so on. Only one stock in the Dow 30 Index appears to be in a full negative trend according to the Trade Triangles and that stock is Cisco (NASDAQ:CSCO).
As the stock market moves higher, the price for an ounce of gold continues to move lower. I expect both of these trends to continue in the near term.
For the moment, it would appear as though crude oil has stopped its downward slide and is beginning to find support at the $93-$94 level. Yesterday's market action signaled a cover to any short positions based on a short-term strategy model for crude oil. Did you miss my earlier report on crude oil?
In other markets, it would appear as though Amazon (NASDAQ:AMZN) is going to be cruising to a new weekly high close, as is Netflix (NASDAQ:NFLX) and Yahoo (NASDAQ:YHOO). I will be looking at these and other stocks in today's video update.
As always, we appreciate your feedback and any questions you may have on the stocks mentioned in today’s post. Feel free to interact with us below.
Thanks, and every success in the market.
Have a great weekend everyone.
Adam appears frequently on the following financial news channels as a guest expert. Click on any cable logo to watch Adam's latest appearance.