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A Bank, A Pivot Point, And Warren Buffett

 February 28, 2012 11:48 AM
 


Hello fellow traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Monday, the 27th of February.

A Bank, a Pivot Point, and Warren Buffett
So far today, JP MORGAN CHASE & CO (JPM) is a winner.

Crude Oil and USO take a break
Today we share with you the support levels for crude oil and the ETF United States Oil (USO).

3 Stocks on the move today:
MICRON TECHNOLOGY INC (MU), WHIRLPOOL CORP (WHR), and MEDCO HEALTH SOLUTIONS INC (MHS).
Did MarketClub's Trade Triangle technology get it right on these three stocks?

[Related -Bank Stocks: The Misbegottenness of the Volcker Rule Truly Knows No Bounds]

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: Monthly = Bullish| Weekly = Bullish| Daily = Bullish

We view today's action as very positive for this index. 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.
—————————————————————————————–

[Related -Gold hasn’t lost its allure in my portfolio]

SILVER (SPOT)
BIG PICTURE: Strong Trend  +100
TRADE TRIANGLES: Monthly = Bullish| Weekly = Bullish| Daily = Bullish

A move and close over $36.00 would be a game changer for silver, as it breaks a major downtrend line. This would set up a target zone of around $44.00. We want to be patient and wait to see if this actually happens. Our long-term monthly Trade Triangle is positive on silver. This particular indicator has done extremely well in the past.


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