Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Tuesday, the 9th of July.
NASDAQ Flashes A Buy Signal
On Monday, our weekly (intermediate trend) Trade Triangle kicked in and gave a buy signal for the NASDAQ index. The signal came in at 3,488.31, confirming that both the intermediate and longer-term trends are now in unison signaling a move to the upside. The NASDAQ could be a precursor of trends to come on both the DOW and the S&P 500, only time will tell.
Crude Oil Takes A Breather
Do not be fooled by this momentary pause in the price of crude oil, with the trend clearly established to the upside, I am looking for new highs in this market. With a target zone of $110 per barrel for crude, I see no reason to abandon long positions and want to hold firm for longer term traders. A close in the August contract over $103.50 this week will represent a new high close and a continuation of the uptrend.
Two Clear Cut Trends
Of the six markets we track every day, only two have strong defined trends at the moment. They are the NASDAQ index and crude oil and I would trade them both in the direction of the major trend.
On The Radar Today
Shares of FedEx (NYSE:FDX) jumped dramatically today, moving to their best levels since March 19th of this year. The move triggered both our weekly and monthly Trade Triangles giving a strong buy signal for this stock. Today I will be looking at FedEx and showing you where I think this stock is headed next.