Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Wednesday, the 6th of
November.
Could Costco (NASDAQ:COST) be the new hot stock for investors? Facebook (NASDAQ:FB) still looks good and has all three Trade Triangles positive, suggesting that this stock is in strong hands. Yesterday, Tesla's (NASDAQ:TSLA) earnings created a short-circuit in many investors' minds, causing the stock to drop 14% today. In addition to these stocks, I'll also be covering the major indices, gold, which gave a short-term buy signal today, crude oil and the Dollar.
COST - The New Hot Stock?
Costco (NASDAQ:COST) is a classic membership model, as it makes most of its money from its annual memberships. Costco works on razor-thin margins and is more interested in getting more members to buy more things from them. Technically, this stock looks very good and seems poised to move to the $130 level. It's not sexy like some of the tech stocks and that's the point, this is everyday stuff that Americans buy and need at bargain prices.
I Still Like Facebook
I still like Facebook (NASDAQ:FB) and with three green Trade Triangles in place, what is there not to like? It would appear that we are setting up a positive divergence for Facebook and will go through that in more detail in today's video.
Tesla Blows A Fuse
Despite today's sharp downward move of over 14%, the long-term monthly Trade Triangle remains positive for Tesla (NASDAQ:TSLA). I have been on the sidelines based on the intermediate-term weekly Trade Triangle and see no reason to try and pick a bottom in this market. Longer term I still believe Tesla will go higher, but for now it's going to have to have a mechanical rebuild.
We appreciate your comments, questions and any feedback you may have on the stocks mentioned in today’s post.
Please feel free to leave your comments, feedback, and any questions below.
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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