Crude Oil comes alive as traders turn away from Europe and refocus on the Middle East.

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By Adam Hewison

Crude Oil flashes signs of growing tension.
The crude oil market has a range of three dollars so far today and is moving to the upside as traders turn their attention away from Europe, to the growing tensions in the Middle East.

Bernanke speaks and gold rallies.
After the recent sell-off in gold, Chairman Bernanke comes to the rescue and gold pops up. Amazing how that happens!

3 Stocks on the move today:
HARMAN INTL INDUSTRIES (HAR), LEGGETT & PLATT INC (LEG), and UNUM GROUP (UNM).
How did MarketClub’s Trade Triangle technology do against these three stocks?

Remember
DON’T FIGHT THE MARKET … MOVE WITH THE MARKET

Now, let’s go to the charts and MarketClub’s Trade Triangle Technology.
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S&P 500 INDEX
BIG PICTURE:  Strong Trend  +100
TRADE TRIANGLES: Long-Term = Bullish | Intermediate Term = Bullish | Short-Term = Bullish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100

The trend is your friend! If the problems in Greece could be resolved, we would see this market move up dramatically. The $1360 level is our next immediate target zone. Look for support to come into this market around the $1330 level. Longer-term we expect this market to move up to the $1370 to $1380 level  as early as May based on cyclic work. With all of our Trade Triangles green, a bull market is underway.  Long and Intermediate term traders should now be holding long positions in this index with appropriate money management stops.
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Suggested S&P 500 Trading Instruments:
Non Leveraged ETF’s: (Long SPY) (Short SH)
2 x Leveraged ETF’s: (Long SSO)(Short SDS)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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SILVER (SPOT)
BIG PICTURE: Trading Range  +55
TRADE TRIANGLES: Long-Term = Bearish | Intermediate Term = Bullish | Short-Term = Bearish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100

The key support level in silver is $33 an ounce. Should this level give way, we can see a fast move down to the next support levels of $31 and $32 an ounce. With a Score of +55, this market is clearly in a trading range. We think this market is at the top of a trading range cycle, but has nor provided conclusive proof that the cycle has indeed topped out. With our long-term monthly Trade Triangle in a red negative mode, we expect to see this market run out of steam around current levels. This particular indicator has done extremely well in the past. Long-term term traders should be in short positions in silver with appropriate money management stops. Intermediate term traders should be on the sidelines.
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Suggested SILVER Trading Instruments:
Non Leveraged ETF’s: (Long SLV) (Short the ETF SLV)
Leveraged ETF’s: (Long AGQ) (Short ZSL)
Futures & Options: Contracts are available to trade this market. Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.

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GOLD (SPOT)
BIG PICTURE: Trading Range  +55
TRADE TRIANGLES: Long-Term = Bearish | Intermediate Term = Bullish | Short-Term = Bearish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100

The gold market rallied after Chairman Bernanke discussed the economic challenges today. Like silver, gold has a Score of +55, indicating that it is in a trading range. The gold market has major resistance between the $1760 and
$1800 levels. With our long-term monthly Trade Triangle still in a negative mode, we cannot get excited about this market at the moment. We are not super bearish on this metal, however we just need further confirmation with the tools we know are successful in trading gold. Long-term term traders should be in short positions in gold with appropriate money management stops. Intermediate term traders should be on the sidelines.
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Suggested GOLD Trading Instruments:
Non Leveraged ETF’s: (Long GLD) (Short the ETF GLD)
Leveraged ETF’s:(Long UGL) (Short GLL)
Futures & Options: Contracts are available to trade this market. Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.

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COPPER (MAY)
BIG PICTURE: Strong Trend  +100
TRADE TRIANGLES: Long-Term = Bullish | Intermediate Term = Bullish | Short-Term = Bullish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100

ATTENTION: We are now tracking the MAY copper contract. With a Score of +100, we are in a strong trend for this commodity and continue to be positive on this market. A move in the May contract over $3.92 should be viewed as extremely bullish. As we have said in the past, copper generally reflects economic conditions, and as such is influenced by equity prices. Look for support at the $3.77 level. The market action looks as though it has created a large base to move higher in the future. Next upside target zone for copper is $4.00. Long and Intermediate term traders should now be holding long positions in this index with appropriate money management stops.
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Suggested Copper Trading Instruments:
Non Leveraged ETF’s: (Long JJC)
Futures & Options: Contracts are available to trade this market. Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.

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CRUDE OIL (APRIL)
BIG PICTURE: Trading Range  +55
TRADE TRIANGLES: Long-Term = Bullish | Intermediate Term = Bearish | Short-Term = Bullish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100

ATTENTION: We are now tracking the APRIL crude oil contract. We want to pay close attention to this market, as we believe that the recent trend reflects an important cyclic low period for this market. If this is true, this market is could be headed substantially higher. With a Score of +55, this market remains in a trading range. The long-term monthly Trade Triangle continues to be positive on crude oil. We remain longer term positive on this market, however it needs to move and close over resistance at $100 to get its upside momentum into high gear. With our monthly and daily Trade Triangles in positive mode, we expect we will see further market consolidation in crude oil. Long-term traders should be long this market with appropriate money management stops.
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Suggested Crude Oil Trading Instruments:
Non Leveraged ETF’s: (Long USO) (Short the ETF USO)
Leveraged ETF’s: (Long UCO) (Short DTO)
Futures & Options: Contracts are available to trade this market. Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.
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DOLLAR INDEX
BIG PICTURE: Emerging Trend  -70
TRADE TRIANGLES: Long-Term = Bullish | Intermediate Term = Bearish | Short-Term = Bearish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100

Both our weekly and daily Trade Triangles are down for this market. Our longer-term monthly Trade Triangle remains positive on this market. With a Score of -70, this market is in an emerging trend to the downside. We expect to see some of the Fibonacci retracement levels that we discussed come into play in the days and weeks ahead. The mixed picture could also mean we will see a pullback to the $78.29 level and the $77.46 level. Both of these levels represent Fibonacci retracement points of 50% and 61.8%. Long term traders should maintain long positions with the appropriate stops in place.
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Suggested DOLLAR INDEX Trading Instruments:
Non Leveraged ETF’s: (Long UUP) (Short UDN)
Leveraged ETF’s: (Long) (Short)
Futures: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.

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REUTERS/JEFFERIES CRB COMMODITY INDEX
BIG PICTURE: Trading Range  +70
TRADE TRIANGLES: Long-Term = Bearish | Intermediate Term = Bullish | Short-Term = Bullish
MARKETCLUB SCORING SYSTEM: Trading Range 50 – 65 | Emerging Trend 70 – 80 | Strong Trend 85 – 100

It would appear as though this market is beginning to create an energy field to push prices much higher in the future. Today’s move over $314.62 indicates a move more to the upside. With a Score of +70, this market is trying to develop into an emerging trend type market. Major resistance is at the $320 area on the upside and support comes in at the $310 level. Our short term daily Trade Triangle is green, indicating short term strength, however it is in conflict with our negative longer-term monthly Trade Triangle. Long-term traders should hold short positions in this index with appropriate money management stops.
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Suggested REUTERS/JEFFERIES CRB COMMODITY INDEX Trading Instruments:
Non Leveraged ETF’s: (Long CRBQ) (Short the ETF CRBQ)
Leveraged ETF’s: (Long) (Short CMD)
Futures & Options: Contracts are available to trade this market. Contact your broker
WARNING: Liquidity in some ETFs is very thin. Contact your broker for more information.

[Ed. Note: Adam Hewison is the president, chief executive officer, and a founder of INO.com, Inc. He is also the author of two highly-acclaimed guides to the forex markets: International Monetary Report and Right on the Money, the Definitive Guide to Forecasting Foreign Exchange Rates. Sign up for his FREE email Trading Course by clicking here now.]

 

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