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Global Jitters Send Crude Oil Higher And The Dow Hits 13,000!

 February 21, 2012 01:53 PM


Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Tuesday, the 21st 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

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?

Now, let's analyze the markets using MarketClub's Trade Triangle technology.
—————————————————————————————–
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)

[Related -How Overextended is the SP500 Right Now in June?]

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.
—————————–
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.

[Related -Keep Your Eye on Trends and Reversals – SPY – RIMM – KOL]

—————————————————————————————–
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.


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