Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Friday, the 8th of
General indices in the U.S. are in bull trends and I expect to see these trends resume and continue for the balance of 2013. Near term, I expect to see stocks begin to consolidate their recent gains before once again moving higher.
Watch what I said about Twitter (NYSE:TWTR) last night on CNBC Asia. Does anyone out there remember the dot-com days? Is it deja vu all over again with Twitter?
Tesla (TSLA) Stock Goes Down In Flames
Elon Musk watched his fortune drop $1.5 billion in the last two days as Tesla (NASDAQ:TSLA) literally went down in flames with the report of another luxury Tesla S car catching fire after an accident. I have been on the sidelines based on the intermediate-term weekly Trade Triangle and see no reason to try and pick a bottom in this market. Longer term I still believe Tesla will go higher, providing the long-term monthly Trade Triangle stays positive. This stock needs to regroup before it can start moving higher.
Will Costco (COST) Stock Continue Up?
Technically this stock looks very good to me and seems poised to move to the $130 level. I would use today's pullback to get on board this market. It's not as sexy as the tech stocks, but it is a solid company that is executing well and technically looks good.
I Still Like Apple, Netflix, and Amazon
I appreciate your comments, questions and any feedback you may have on the stocks mentioned in today's post. Feel to interact with us below.
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.