Hello traders everywhere, Adam Hewison here President and founder of INO.com and cofounder of MarketClub with a mid-day up-date for Wednesday the 28th of November.
THE FISCAL CLIFF QUASHES CONSUMER CONFIDENCE!
Consumer confidence, which jumped to its best levels in four and a half years, is taking a back seat today to the "Fiscal Cliff", which is like the 800LB gorilla in the room. Depending what the politicians do and don't do, which is a non-predictable item at the moment, the "Fiscal Cliff" is going to be the Yin and Yang of the financial markets for the next several months. I would not hold my breath waiting for politicians to make a decision quickly on the "Fiscal Cliff" as both parties are being held hostage by their own parties' far right and far left wings.
THE FISCAL CLIFF AND THE EQUITIES MARKETS
Based on our Trade Triangle technology, we still believe that the trend is negative for the equity markets. We expect to see the equity markets trade sideways before taking another downturn. Everything is going to be predicated on the "Fiscal Cliff".
SHARP DROP IN GOLD TODAY … Buying Opportunity?
Gold prices dropped sharply today, close to the $1,700 level where we expect it will find support. MarketClub's short-term daily Trade Triangle made an exit at $1,733.50 and is now neutral on gold in the short term. Longer term gold remains in a bull market and we suspect that today's sharp pullback in bullion prices was a buying opportunity.
OIL TREADING WATER IN A TRADING RANGE
Crude oil continues to consolidate over the $84 a barrel level. Resistance comes into this market around $88-$90 a barrel range.
Don't forget to tune into MarketClub TV today at 4pm EST and see what our Trade Triangles are indicating.
Adam Hewison
Founder & President INO.com and co-founder of MarketClub.com
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