The Gang That Couldn’t Shoot Straight

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By Adam Hewison

I don’t care if you are a republican or a democrat, with great minds like this handling government money, what could go wrong?

SUPERCOMMITTE = SUPER BUST.  Politicians seem to be doing what they do best: delay, delay, delay and get nothing done.  Meanwhile the economy sputters, uncertainty reigns, and millions of Americans are out of work.

This is an amazing time in history, as it gives the United States of America an opportunity to reinvent itself and get back to basics.  This must be done with strong leadership if we want this country to work again and compete with China in the future.

So, what is driving the markets?  It is the world political malaise and the fact that the political elite have not accepted the reality that the world is going through a major “RESET”.

As we say almost every day, the markets speak the truth and eventually they will make the changes that are needed.

Now, let’s go to the charts and the video and see how we can create and maintain your wealth in 2011.

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S&P 500 INDEX
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OUR VIEW: Heading Lower.
Combined Strength of Trend Score = -90

No change in our comments from yesterday.  All our Trade Triangles are red indicating a strong downtrend.  A 61.8% Fibonacci retracement can push this market back down to the $1160 area.  The key level to look for today is a close below the $1200 level.  With a Chart Analysis Score of -90 we are in a downtrend.  Long-term and Intermediate term traders should either be in cash or continue to hold short positions in this index with appropriate money management stops.

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Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Negative
Daily Trade Triangles for Short-Term Trends = Negative
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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 is some ETFs is very thin. Contact your broker for more information.

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SILVER (SPOT)
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OUR VIEW: Bear Market
Combined Strength of Trend Score = -90

For the past five days, the silver market has been moving sideways.  This market has key support at $30.60 and a break of that level will begin an acceleration to the downside.  Generally speaking, the major trend for silver continues to be negative based on our monthly Trade Triangle and our intermediate weekly Trade Triangle turned negative last Thursday.  Long-term and intermediate term traders should continue to hold short positions in silver with appropriate money management stops.

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Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trend = Negative
Daily Trade Triangles for Short-Term Trends = Positive
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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: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.

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GOLD (SPOT)
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OUR VIEW: Merging into a bear trend?
Combined Strength of Trend Score = -60

The liquidation in gold yesterday triggered a red weekly Trade Triangle and moved the Chart Analysis Score for this market to -60.  This indicates that gold is in a trading range.  Fibonacci retracements are as follows: 50% – $1,667 (met on 11/21), 61.8% – $1,634.  This market is now in an oversold condition.  Long-term traders should remain positive for this precious metal.  Intermediate term traders should be out of this market at the moment and on the sidelines waiting for a buy signal.

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Monthly trade triangles for Long-term trends = Positive
weekly trade triangles for intermediate term trends = Negative
daily trade triangles for short-term trends = Negative
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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: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.

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COPPER (DECEMBER)
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OUR VIEW: Strong Downtrend
Combined Strength of Trend Score = -100

Copper now has a Chart Analysis Score of -100 and is in a full blown bear market.  Generally speaking, the major trend for this metal continue to be negative.  As stated before, copper generally reflects economic conditions, and as such is influenced by equity prices.  Long-term and intermediate term traders should continue to hold short positions in copper with appropriate money management stops.

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Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Negative
Daily Trade Triangles for Short-Term Trends = Negative
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Suggested Copper Trading Instruments:
Non Leveraged ETF’s: (Long JJC)
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 is some ETFs is very thin. Contact your broker for more information.

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CRUDE OIL (JANUARY)
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OUR VIEW: Trading Range
Combined Strength of Trend Score = +85

We are now tracking the January contract.  No change in our commentary from yesterday.  As mentioned last week, we felt that the crude oil market was topping out.  In retrospect, we have confirmation that is indeed the case.  We are now expecting and look for support to come in at $94.55 (basis the January contract), which is a 61.8% Fibonacci retracement.  At the present time, both our monthly and weekly Trade Triangles remain in a positive mode, which is the direction of the major long term trend.  Resistance is the $100 level.  Long-term, Intermediate term should be long this market with appropriate money management stops.

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Monthly Trade Triangles for Long-Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Negative
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Suggested Trading Instruments:
Non Leveraged ETF’s: (Long USO) (Short the ETF USO)
Leveraged ETF’s: (Long UCO) (Short DTO)
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 is some ETFs is very thin. Contact your broker for more information.

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DOLLAR INDEX
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OUR VIEW: Bull Market
Combined Strength of Trend Score = +90

The $78.50 level continues to act as near-term resistance.  We continue to view the dollar index in a positive light and we expect that the highs seen in early October will be tested again.  We believe we’ll see this market trade higher and want to hold all long positions as our Trade Triangle technology continues to point to higher levels and indicate that the market is in very strong hands.  All Trade Triangles are in positive mode indicating that this market remains in an uptrend.  Long-Term and intermediate term traders should maintain long positions with the appropriate stops in place.

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Monthly Trade Triangles for Long-Term Trends = Positive
Weekly Trade Triangles for Intermediate Term Trends = Positive
Daily Trade Triangles for Short-Term Trends = Positive
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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 is some ETFs is very thin. Contact your broker for more information.

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REUTERS/JEFFERIES CRB COMMODITY INDEX
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OUR VIEW: Bear Trend
Combined Strength of Trend Score = -90

The Williams %R indicator has just entered an oversold condition.  This condition could persist like it did in late September for 9 or 10 days.  Resistance is evident at the $315-$320 levels, with support coming in between $300 and $305.  Our long and intermediate term Trade Triangles remain negative for this index.  Long-term and intermediate term traders should continue to hold short positions in silver with appropriate money management stops.

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Monthly Trade Triangles for Long-Term Trends = Negative
Weekly Trade Triangles for Intermediate Term Trends = Negative
Daily Trade Triangles for Short-Term Trends = Negative
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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: Contracts are available to trade this market. Contact your broker
Options: Options Contracts are available to trade this market.Contact your broker
WARNING: Liquidity is some ETFs is very thin. Contact your broker for more information.
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HOW TO USE THE MARKETCLUB SCORING SYSTEM:
Chart Analysis Score: 50 – 65 Trading Range
Chart Analysis Score: 70 – 80 Emerging Trend
Chart Analysis Score: 85 – 100 Strong Trend
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This is Adam Hewison for MarketClub and I’ll see you tomorrow, right here with my mid-day update. Have a great trading day.

[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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