Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Monday, the 5th of August.
All The Trade Triangles Turn Green For Apple
This morning, Apple (NASDAQ:AAPL) moved to a five month high and completed a major base. Apple has, without too much fanfare, rallied from a recent low around $390 and triggered a major monthly Trade Triangle this morning with its move over $466. I can see a move for Apple to the $550 to $575 area.
Lots Of Green Trade Triangles
Of the six markets I report on, almost all of them have green Trade Triangles and strong upward trends in place. The one exception is gold, as the gold market continues to be a conundrum wrapped in an enigma. Nothing seems to move this market off base, not news, not economic conditions (think QE) or wars. Eventually, there will be a new bull market in gold, whether that happens this years remains to be seen.