Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Wednesday, the 12th of December.
12x12 = 144, A FIBONACCI NUMBER?
Never again in a lifetime are we going to see 12/12/12. Is 12/12/12 an omen for something greater to come or perhaps some pending disaster (Fiscal Cliff)? That remains to be seen, but for now let's just marvel at the fact that we are living through history, with a once in a lifetime date of 12/12/12.
TO BE OR NOT TO BE? THAT IS THE QUESTION ON THE "FISCAL CLIFF"
I would very much doubt that we are going to see the "Fiscal Cliff" resolved in 2012. I would probably be happy if the politicians could come to an agreement any time in the first quarter of 2013. As you know, perhaps better than myself, politicians being politicians are likely to kick the can down the road again in December.
TIME TO LOOK AT APPLE?
There's no doubt about it, Apple's perilous fall from grace shook many money managers in Q4. And it's doubtful that we will see Apple regain its former star stature any time soon. We believe that this stock is best looked at in the first quarter of 2013.
We would like to see more base building and some assurances that the $500 level is going to be a floor for this market. We would not be expecting to see any turnaround until our Trade Triangles confirmed a change.
DO YOU KNOW WHAT'S COMING?
Watch our blog this Friday for the big announcement.