Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your 1 p.m. market update for Thursday, the 14th of July.
Will he or won't he implement QE3? That is the question on everyone's lips. I am of course talking about the Federal Reserve chairman, Ben Bernanke. I don't think it's going to matter too much because the market is acting exactly how we expected it to act. The market action for the past three days has very negative connotations in my opinion.
The plain truth is the market has been unable to hold or sustain any rallies after its big down day on Monday. I think tomorrow, being Friday, a lot of traders will be very nervous about holding long positions based on what may or may not happen with the debt ceiling over the weekend.
Gold and silver continue to move to the upside and are in strong hands. This weekend could be the perfect weekend trade for these two markets. Target zones are higher than current levels for both gold and silver.
Another concern we have are bank stocks, which continue to look weak. Bank of America, symbol BAC, could be a perfect candidate for a 52 week rule trade on Friday. Watch that stock carefully on Friday.
Now, let's go to the markets and see how we can protect and make your money grow. Continue reading "Will He Or Won't He Implement QE3?"