Hello traders everywhere! Adam Hewison here, President of INO.com and co-creator of MarketClub, with your video update for Wednesday, the 26th of February.
What's Next For The Stock Market?
Are the markets going to continue moving higher or reverse and retest their lows again? There seems to be a disconnect in the indices with new highs mainly on the NASDAQ, thanks to Tesla, Netflix and some other tech leaders. The S&P 500 seems to be lagging and the DOW is in a funk. Many professional traders will be looking for the tone of the market today, does it seem positive or negative? One of the tricks they will probably employ is to give the market a half hour or even an hour to set its trading range for the day. Should the market move below the low of the first 30 or 60 minutes of the day, then there's a pretty good chance that you could see further selling come into the market later on in the day. Conversely, should the market break over the high of the first 30 or 60 minutes of the day, look for upside momentum to continue. Let’s see how events play out.
13 Days Ago On CNBC Asia
I had the good fortune to be invited on Cash Call on CNBC Asia two weeks ago and was asked about what stocks I like. Here are the stocks that I mentioned, the price they were on that date and where they closed yesterday.
Tesla Motors Inc. (NASDAQ:TSLA)
Close 2/13/14 $199.63
Yesterday’s Close $248
NetFlix Inc. (NASDAQ:NFLX)
Close 2/13/14 $436.55
Yesterday’s Close $453.00
NVIDIA Corporation (NASDAQ:NVDA)
Close 2/13/14 $17.91
Yesterday’s Close $18.67
You can watch the segment right here.
Have Gold Prices Run Their Course?
There is no doubt about it, we have had an excellent run in gold (FOREX:XAUUSDO) since the weekly Trade Triangle triggered on January 12th at $1246.72. Since that time gold has moved up over $100. What's ahead for gold now that the easy money has been made? Gold is now in an area where it should begin to find resistance starting at $1340 and extending up to the $1350 level. I do not expect gold to breeze through those levels, however it should begin to consolidate its recent gains and as it prepares to get ready for its next leg to the upside.
If you are currently long gold you may want to use the Parabolic SAR indicator as a stop out to protect capital and profits. You can also employ the daily Trade Triangles to protect profits.
Both natural gas, crude oil and energy prices in general have all moved up quite dramatically from the lows seen in November of last year. Both of these markets are exhibiting some interesting technical formations that should be paid attention to as they could act as early warning signs of a major reversal to the downside. In today's video, I will be examining both of these technical concerns.
Every success with MarketClub,
Adam appears frequently on the following financial news channels as a guest expert. Click on any cable logo to watch Adam's latest appearance.