Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Friday, the 12th of July.
With record high closes in the DOW and the S&P 500 yesterday, this is not the time to be short the main indices going into this weekend. I will be using our 52-week high strategy to catch a quick move and you can see the rules on how to play in today's video.
The DOW triggered a Green Weekly Trade Triangle on 7/10/13 at 15,340.09 signaling a resumption of the uptrend.
The S&P 500 triggered a Green Weekly Trade Triangle on 7/10/13 at 1,654.19 signaling a resumption of the uptrend.
The NASDAQ triggered a Green Weekly Trade Triangle on 7/8/13 at 3,488.31 signaling a resumption of the uptrend.
On Monday, our weekly (intermediate trend) Trade Triangle kicked in and gave a resumption of trend buy signal for the NASDAQ index. The signal came in at 3,488.31 confirming that both the intermediate and longer-term trends are now in unison, signaling a move to the upside.
Crude Oil Going Higher
With a target zone of $110 per barrel for crude, I see no reason to abandon long positions and want to hold firm for longer term traders. This market could be a classic weekend play. Watch today's video and I'll explain why.
