Is the Glass Half Full or Half Empty?

Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Friday, the 2nd of November.

This past week has been one of the most extraordinary weeks that I can remember. The markets were closed for two days and we had a historic storm cause significant destruction in New Jersey, New York, and much of the east coast. Today, BLS released the unemployment numbers showing that unemployment stands at 7.9%, which begs the question is the glass half full or half empty? You could argue both ways... Is employment improving? Or has it not improved in 4 years?

This is the last weekend that both Pres. Obama and Gov. Romney have to convince an already exhausted population to buy into their vision of the future for America. I think we are all exhausted by both candidates and the endless bickering, which is not helping the economy or the jobs picture.

Personally, I think campaigning for office should be no longer than 3 to 6 months and not several years. These two gentlemen have spent a billion dollars each on their campaigns, what a waste of money and resources.

Adam shares his favorite trading techniques in his new Traders WhiteBoard series. Haven't seen it? Get caught up with Lesson 1!

Now, let's go to the markets and see what our Trade Triangles are indicating.

QUICK TAKE ON THE MARKETS:

S&P 500: Higher for the week. The major trend for the S&P 500 remains positive according to our Trade Triangle technology. Based on our intermediate-term weekly Trade Triangle, we are on the sidelines in this index. Resistance at $1,436 and psychological support at $1,410 - $1,400.

CLOSED LAST FRIDAY AT $1,411.94

CRUDE OIL (Dec): Lower for the week. The long-term trend is positive. Our weekly Trade Triangle and daily Trade Triangle remain negative. Major support at $85.00 and $84.55 a barrel on the December contract.

CLOSED LAST FRIDAY AT $86.30

EURO (Spot): Positive trend for the Euro, which is flat on the week. Two of our Trade Triangles are green and bullish for the Euro. We are getting a little concerned that we are putting in a potential twin peak in the Euro. Pay close attention to the daily and weekly Trade Triangles and to the 1.2800 level.

CLOSED LAST FRIDAY AT 1.2937

GOLD (Spot): Gold is lower for the week. Our long-term monthly Trade Triangle is green and bullish on gold. Our daily and weekly Trade Triangles remains red. Look for support around the $1,670 level.

CLOSED LAST FRIDAY AT $1,711.05

COPPER (Dec): Lower for the week. Only our long-term Trade Triangle is green and bullish on copper. Support at $3.4800.

CLOSED LAST FRIDAY AT $3.5490

SILVER (Spot): Lower for the week. Support at $31.50. Our long-term monthly Trade Triangle remains positive on silver. Silver is oversold and has a positive divergence to the upside. Support at the $30.00 level.

CLOSED LAST FRIDAY AT $31.95

Have a great weekend everyone and don't forget to vote!

Adam Hewison

Founder & President INO.com and co-founder of MarketClub.com.

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