Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your market update for Monday, the 11th of July.
Last week, the standout story was the disastrous jobs report. As this week unfolds, we are faced with more problems such as the debt ceiling and the total lack of cooperation between the Democrats and the Republicans. It seems as though both parties are firmly entrenched in their own party lines and are failing to see just what it's doing to the country.
We have talked about this before, and the fact that the politicians both in Europe and here in the United States really don't want to face the truth has created the current mess over the last 20-30 years. It is always same old story of "kick the can down the road" and let somebody else take care of it.
Well, it's showtime or should I say it's a showdown now! We need to get serious about getting this right in this country. I believe that we got into this together and now we should get out of it together.
Hello, traders everywhere. Adam Hewison here, co-founder of MarketClub, with your market update for Friday the 8th of July.
It was a shocker. We only created 18,000 jobs and unemployment jumped up to 9.2% - how can we say things are getting better when here we are basically two years after the low in the equity markets with unemployment still stubbornly stuck over 9% and probably going back over 10%.
Folks, there is no "Plan B". For the past two years, this administration has declared warfare on business, particularly small businesses - the folks who actually create jobs in this country!
It is amazing to me that they could be so blinded with their political philosophy that they have actually forgotten that there are real people out of work that need jobs. Small businesses - the very people who create 70% of all jobs in America, are being punished as the current administration wants to tax them more. How stupid can things get. Oh, they can get pretty stupid.
As I mentioned yesterday in my 1 p.m. update, I felt that the S&P was in thin air and also as cyclic high. I think we could be seeing the start of a 15 to 20 day correction. We also recommended taking some money off the table in our crude oil trade which also went very well.
As mentioned earlier I'm doing this report a little bit earlier as I feel today could be an important turning point in the markets.