Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Tuesday, the 27th of November.
HOORAY FOR CONSUMER CONFIDENCE, BUT IS IT ENOUGH?
Consumer confidence jumped to its best levels in four and a half years. Is that going to be enough to save the economy? We still believe the stock market is in a negative mode, and it is certainly reflecting that today. The big dilemma in our minds is the "Fiscal Cliff". Is anyone, Republican and Democrat alike, willing to take haircut on their special exemptions? Fiscal matters like the proverbial "Fiscal Cliff" tend to get booted down the road. Just look at what's going on in Europe, they are the example we are unfortunately following.
MIXED PICTURE IN THE EQUITIES MARKETS
After last Friday's big jump in the equity markets, we are seeing a somewhat mixed picture for the last two days. Based on our Trade Triangles, we think we will see this market trade sideways before taking another downturn. Everything is going to be predicated on the rise and fall in optimism concerning the "Fiscal Cliff" conundrum.
GOLD CONTINUES TO REGROUP … Buying Opportunity?
The gold market, which has been in a long-term upward trend for the past 12 years, has once again ramped up its trend with all of our Trade Triangles now in a positive mode. We expect that after this period of consolidation is over, we will see gold challenge the $1800 level.
IS OIL PRIMING THE PUMP TO MOVE HIGHER?
Crude oil is in a trading range as it consolidates over the $84 a barrel level. We would not rule out this market moving once again to the upside and testing the $90 a barrel level.
Now, let's go to the markets and see what our Trade Triangles are indicating.
Have a great trading day,
Adam Hewison
Founder & President INO.com and co-founder of MarketClub.com.
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