Haunted by Europe, US market can't get ahead

Posted on by The INO.com Team

(AP:NEW YORK) For the past few days, the U.S. stock market was able to forget about problems in Europe.

Friday put Europe squarely back in the spotlight.

U.S. stocks fell sharply as escalating problems in Spain jolted investors. Spain's stock market plunged 6 percent and its borrowing costs spiked after a regional government asked for a financial lifeline.

The drop on Wall Street, which sent the Dow Jones industrial average down as much as 133 points, marked a U-turn for the market. Stocks had risen over the past three days as investors focused on healthy earnings from U.S. companies like Mattel, Honeywell and Coca-Cola. Continue reading "Haunted by Europe, US market can't get ahead" →

Daily Video Update: "It's the economy, stupid"

Posted on by The INO.com Team

Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 20th of July.

"It's the economy, stupid" is a slight variation of the phrase "the economy, stupid" which James Carville had coined as a campaign strategist of Bill Clinton's successful 1992 presidential campaign against sitting president, George Bush. Fast forward to 2012 and it's the economies of the world that are stupid and on the skids.

We are coming to the end of the week and it looks like once again the Euro is on the ropes. Watch this market closely today, as it may provide an excellent weekend rule, short trade. The most recent lowest weekly close for the Euro was 1.2212 and that was eight weeks ago! A close below that level today should put downside pressure on the Euro on Monday and Tuesday.

I would also watch the banks closely. The lowest week ending close we have seen in Bank of America was 7.01 on the trading week ending May 19th. A close below that level today will bring in another round of renewed selling. Continue reading "Daily Video Update: "It's the economy, stupid"" →

Chart to Watch

Posted on by The INO.com Team

We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.

Today he is going to take a look at the technical picture of Qualcomm Inc. (QCOM) Continue reading "Chart to Watch" →

Is 30.2.Au flying in Ben's face? Not yet

Posted on by The INO.com Team

The FOMC announced that Operation Twist would continue through year end.  This is where the Fed tries to re-inflate the housing bubble (and related areas) by buying long term T bonds to artificially hold down long term interest rates while sopping up any inflationary implications to the money supply by selling short term T bonds.  Throw in a side of ZIRP, and you've got a lot of free money flying around out there with very subdued inflation effects.

Gold is in an orderly corrective consolidation.  Silver has been hanging around at support and is sponsored by a bullish CoT structure.  Commodities, even backing out the wildcards in agriculture, are in nice short-term bottoming patterns (copper is rounding upward and crude oil is breaking up from a small Inverted H&S with a target around 98) and just waiting for the Fed to lose control of the nice macro painting it has been working on since Op/Twist #1, back in September of 2011. Continue reading "Is 30.2.Au flying in Ben's face? Not yet" →

Market Close for 7/19/2012: S&P +3.73 DOW +34.66 NAS +23.39

Posted on by The INO.com Team

The September NASDAQ 100 closed higher on Thursday as it extended the rally off last week's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last week's low, gap resistance crossing at 2686.50 is the next upside target. Continue reading "Market Close for 7/19/2012: S&P +3.73 DOW +34.66 NAS +23.39" →