Hello traders everywhere, Adam Hewison here co-founder of MarketClub with your 1 p.m. market update for Friday the 1st of July.
I just got back from a business trip to Utah I will tell you all about that trip in a later broadcast. But right now all I can say is what a difference a week makes.
This week on Wednesday to be precise the S&P 500 gave you a strong buy signal with our weekly green trade triangle. Since that time it has done nothing but go higher.
Before I left I underscored how several markets were heavily oversold and at the lower levels of the Donchian trade channels. What this meant was that there was a strong probability that we would see a bounce in both the equity crude oil, and CRB index. That rally took place in the past few days. So what is going to happen now?
Here is your 1p.m. update for Thursday, June 30th. Today Susan reviews the very bullish market that we seem to be trading in this week. Susan also gives you some pointers on how to follow the "52-week new highs on Friday rule." If you have forgotten what those rules are, we have posted them here as a refresher. Watch today's update now!
These are the only three rules you need to trade with “The 52-week new highs on a Friday rule” successfully.
On a new 52-week high, when the market closes at or close to its high on a Friday, buy long and go home long for the weekend.
Exit the long position on the opening of the following Tuesday.
If the market opens sharply lower on Monday, exit the position immediately.
“The 52-week new highs on a Friday rule” works extremely well in futures and in the Forex markets. This rule can be reversed for “The 52-week new lows on a Friday rule” if you are so inclined to trade the short side of the market. The same rules apply.
Here is today's 1PM update for Tuesday, the 28th of June. Susan makes a confusing market very simple with MarketClub's "Trade Triangle" technology. Let us do the work for you. If you missed the live update, watch it now!