Global jitters send crude oil higher and the Dow hits 13,000!


Image by: Trevor MacInnis
By Adam Hewison

Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Tuesday, the 22nd of February.

Global jitters send crude oil higher!
Today we will use our Trade Triangle technology to figure out oil’s next big target.

# 1 Trading Tip: DON’T FIGHT THE MARKET … MOVE WITH THE MARKET

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3 Stocks on the move today:
CF INDUSTRIES HOLDINGS (CF), WYNN RESORTS (WYNN), and WAL-MART STORES INC (WMT).
Did MarketClub’s Trade Triangle technology get it right on these three stocks?

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Now, let’s analyze the markets using 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: Trading Range (50 to 65) | Emerging Trend (70 to 80) | Strong Trend (85 to 100)

New highs for the move continue to propel the S&P500 index and we remain longer-term bullish on this market. Longer-term we expect this market to move up to the $1550 to $1600 level by late May, early June based on our cyclic work. With all three 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 & Options 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: Emerging Trend  +70
TRADE TRIANGLES: Long-Term = Bearish | Intermediate Term = Bullish | Short-Term = Bullish
MARKETCLUB SCORING: Trading Range (50 to 65) | Emerging Trend (70 to 80) | Strong Trend (85 to 100)

We think this market is at the top of a trading cycle and remains below a ten month downtrend line. At this time, silver has not provided conclusive proof that the cycle has topped out. A close below $33 is needed in this market and will, in our opinion, confirm a top and a possible Fibonacci retracement back to $30.00.  Our long-term monthly Trade Triangle remains negative on silver. 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 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: Emerging Trend  +70
TRADE TRIANGLES: Long-Term = Bearish | Intermediate Term = Bullish | Short-Term = Bullish
MARKETCLUB SCORING: Trading Range (50 to 65) | Emerging Trend (70 to 80) | Strong Trend (85 to 100)

With a Score of +70, the gold market is in the early stages of an emerging trend. The market does have resistance starting at the $1760 level and going all the way up to $1800. We would not be surprised to see gold move sideways to lower and be on the defensive until the middle of May. With our long-term monthly Trade Triangle still in a negative red mode, we cannot get to excited about this market at the moment. We are not super bearish on this metal, 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: 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: Trading Range  -60
TRADE TRIANGLES: Long-Term = Bullish | Intermediate Term = Bearish | Short-Term = Bullish
MARKETCLUB SCORING: Trading Range (50 to 65) | Emerging Trend (70 to 80) | Strong Trend (85 to 100)

With a Score of -60, the copper market is recuperating from its recent sell-off and is now in a trading range. We continue to view the longer-term trend in copper as positive. 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. Long 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 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: Strong Trend  +100
TRADE TRIANGLES: Long-Term = Bullish | Intermediate Term = Bullish | Short-Term = Bullish
MARKETCLUB SCORING: Trading Range (50 to 65) | Emerging Trend (70 to 80) | Strong Trend (85 to 100)

We were looking for a close in the April contract over the $103.38 level, and that took place last Friday. Today’s action we consider positive.  We are looking for crude oil to make it’s highs probably somewhere in the May period.  With a Score of +100, this market is in a strong trend to the upside. We remain longer term positive on this market. With our monthly, weekly and daily Trade Triangles in a positive mode, we expect we will see further gains in crude oil. 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 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: Trading Range  -70
TRADE TRIANGLES: Long-Term = Bullish | Intermediate Term = Bearish | Short-Term = Bearish
MARKETCLUB SCORING SYSTEM: Trading Range (50 to 65) | Emerging Trend (70 to 80) | Strong Trend (85 to 100)

With a Score of -70, this market is once again in a emerging trend. Long term traders using our monthly Trade Triangles 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 & Options 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: Emerging Trend  +70
TRADE TRIANGLES: Long-Term = Bearish | Intermediate Term = Bullish | Short-Term = Bullish
MARKETCLUB SCORING: Trading Range (50 to 65) | Emerging Trend (70 to 80) | Strong Trend (85 to 100)

Presently, this index is trapped in a broad trading range bound by $320 on the upside and $310 on the downside. A close over $325 should be viewed as very bullish. With a Score of +70, this market could be moving into an emerging trend to the upside. Our longer-term Trade Triangle remains red and negative on this market. 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 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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[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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