Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Wednesday, the 21st of August.
The Dow (INDEX:DJI) has fallen back 61.8%, a key Fibonacci retracement level, and is now in an area where it should stabilize and start to move up once again. Everybody is waiting for the Fed minutes this afternoon, but I don't think there will be any change in the Fed policy for the time being.
With yesterday's news of Netflix (NASDAQ:NFLX) acquiring the exclusive broadcast rights to Weinstein films, Netflix stock shot up dramatically. I have been bullish on Netflix for some time and I continue to think this market is headed for an all time high around $300. Would I buy Netflix around current levels? Yes, with tight money-management stops.
Yesterday I appeared on CNBC's Street Signs at 2pm ET with Brian Sullivan, Amanda Drury, Courtney Reagan and Herb Greenberg and we gave our views on the retail sector. You may enjoy watching five minutes of our collective analysis and hearing what I have to say. If you missed the segment, you can see it here.
As always, I will be looking at all the major markets and bringing you my latest thoughts on what I see and what the Trade Triangles are showing us.
Have a great trading day,