Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Wednesday, the 8th of May.
Is a Parallel Channel Indicating a Top For This Market?
One of the biggest enemies of investors is being too complacent. I feel that this malady is very much the case in today's market. I believe investors should be concerned and should be using money management stops on all of their long positions. We have not seen any type of significant pullback since the recent low on April 18th. In today's daily update, we are going to be looking at a parallel channel, which could be marking a new term top for this market. The parallel channel started in mid November of last year and has remarkably contained most of the action for the past six months. I think you'll find this video to be particularly interesting today.
Watch Today's Video Update Here
Is Gold Putting In a Bottom?
It slices, it cuts, it chops, it performs all these functions and no, I'm not talking about a Veg-O-Matic! I'm talking about the gold market. Has the gold market put in a major low or are we going to see more sideways-to-choppy action? In today's video, we will be taking an in-depth look at gold.
Will Middle Eastern Concerns Push Crude Higher?
Yesterday, our Trade Triangles signaled a major buy signal for Exxon. I believe this is significant, as several other energy stocks are also acting in a positive fashion, along with the actual commodity itself. On an intermediate term basis, the Trade Triangles are now positive on crude oil and I expect to see this market improve. Only the longer term monthly Trade Triangle remains negative and that could change fairly soon. In today's video, we will be delving into the oil patch and looking at what could be an explosive market if things in the Middle East begin to fall apart.
Watch Today's Video Update Here
On Investor's Minds:
UNITED STATES - Nothing but complacency
MIDDLE EAST - Potential for a major Mideast conflict
EUROPE - All quiet for the moment
THE FED - Reality distortion
OTHER - May 19th, debt ceiling suspension expires
Have a great trading day,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
Adam appears frequently on the following financial news channels as a guest expert. Click on any cable logo to watch Adam's latest appearance.
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