My biggest concern, and it's a wildcard, is the Middle East and not the fabled "Fiscal Cliff". Today we heard about an Israeli airstrike that killed a top Hamas commander. The Hamas military wing said that the assassination "opened gates to Hell". The rhetoric as always, was over-the-top, but it underscores just how volatile and fragile the whole Mid East region is. The markets immediately reacted with oil moving up almost a dollar and gold shooting up higher in a knee-jerk reaction.
Pay close attention to gold and BE PREPARED:
A move over the $1,738 level will indicate that all is not well in the world, and that you should be buying gold to protect your purchasing power. This could be in the form of a futures contract, an ETF (GLD or IAU), or physical gold.
With today's Israeli airstrike in Gaza, crude oil definitely bears watching as well.
STOCKS TO BUY TODAY:
NONE
STOCKS TO EXIT TODAY:
iShares MSCI BRAZIL INDEX (EWZ)
TEVA PHARMACEUTICALS (TEVA)
PAYCHEX (PAYX)
WASTE MGMT (WM)
EMC (EMC)
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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