EURUSD’s bearish movement extends further to as low as 1.2144 level. Deeper decline is still possible later today and next target would be at 1.2000 area. Resistance is at the falling trend line from 1.3093 to 1.2444, now at 1.2390, as long as this level holds, downtrend will continue. Key resistance is at 1.2444, above this level will suggest that a cycle bottom is being formed, then sideways consolidation of downtrend could be seen.
You know what a mystery the Dow’s 1,000-point drop on May 6 has been.
Wall Street is looking for a smoking gun — a trader’s mistake, a computer glitch — but nothing definite has been found yet.
If you’re familiar with Elliott wave analysis, last week’s shocking decline gets less mysterious. The chart you see below is from Robert Prechter’s latest, May Elliott Wave Theorist. Notice the price area where the drop occurred.
Read Part One of Robert Prechter’s Latest Two-Part, April-May Theorists FREE
The April-May Theorist series entitled “Deadly Bearish Big Picture” reveals a lucid picture for 2010-2016. It’s the flipside of Robert Prechter’s February
2009 Forecast for a ‘Sharp and Scary’ Rally. Click here to download the 10-page part one for FREE now.
As you see from Prechter’s chart, the Dow reversed after the rally off the March 2009 low had retraced about 61.8% of the 2007-2009 crash. To be exact, “The Dow met the .618 retracement level when it reached 11,258 at 11:15 a.m. EST on April 26. Then it reversed, as shown in Figure 9,” writes Bob in the May Theorist.
Why is that important? Because in Elliott wave analysis, .618 is a common Fibonacci reversal area for market corrections.
Based on the Dow’s 300-year-long Elliott wave pattern, Prechter sees a huge difference now compared to the last two significant tops in 2000 and 2007. In fact, “This massive stock market top is preparation for something big,” writes Bob.
The May 8 Theorist shows you two Elliott wave paths that stocks will likely take from here — and both point in the same direction.
There is more — you also discover the likely final outcome if this decline indeed develops into “something big”: Prechter gives you his ultimate DJIA’s price targets several years from now.
Read Part One of Robert Prechter’s Latest Two-Part, April-May Theorists FREE
The April-May Theorist series entitled “Deadly Bearish Big Picture” reveals a lucid picture for 2010-2016. It’s the flipside of Robert Prechter’s February
2009 Forecast for a ‘Sharp and Scary’ Rally. Click here to download the 10-page part one for FREE now.
This article was syndicated by Elliott Wave International. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts lead by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.
By CountingPips.com
The US Dollar has continued its ascent in forex markets today as the euro’s decline against the dollar hit a fresh four-year low point. The dollar has climbed versus the euro, British pound, Australian dollar, New Zealand dollar, Canadian dollar and the Swiss franc while falling against the Japanese yen in forex trading at the end of the US 
trading session.
The euro-dollar currency pair (EUR/USD) has declined by over 150 pips today and fallen to trading right around the 1.2200 exchange rate. Today’s decline brought the euro to its lowest level versus the dollar since April of 2006 at the 1.2161 exchange rate. This new low surpasses even the deepest declines of the financial crisis in 2008 and puts the currency on its way to declining for a sixth straight week as the Eurozone soveriegn debt crisis has prompted traders and investors to flee the 16-nation EU currency.
The U.S. stock markets, meanwhile, decreased today with the Dow Jones down by over 114 points, the Nasdaq lower by over 36 points and the S&P 500 down by 16 points. Oil edged lower today by $0.61 to level at $69.47 per barrel while gold has gained by $10.90 to trade at the $1,210.00 per ounce level.
U.S. Economic news releases out of the U.S. today showed that producer prices edged lower unexpectedly in April after March producer inflation had increased. Producer prices decreased by 0.1 percent in the month of April after an increase of 0.7 percent in March and a 0.6 percent decrease in February. Forecasts were looking for a 0.1 percent increase in prices for April. The annual rate of increase for April showed that producer prices were 5.5 percent higher than April of 2009 after March’s annual rate registered a 6.0 percent increase.
Core producer prices, excluding food and energy prices, edged higher by 0.2 percent in April after a 0.5 percent increase in March. On an annual basis, core prices gained by 1.0 percent over the April 2009 level. Core prices surpassed forecasts expecting a 0.1 percent monthly increase and a 0.9 percent annual gain.
A separate report released today showed that U.S. building permits fell in April while housing starts and housing completions increased for the month, according to the U.S. Commerce Department. Building permits statistics, used as a predictor of future construction, showed a seasonally adjusted annual rate of 606,000 permits in April which is a decrease of 11.5 percent when compared to March. Housing starts rose by 5.8 percent in April to a seasonally adjusted annual rate of 672,000 starts following an annual rate of 580,000 in March. Housing Completions for April jumped by 19.2 percent to an annual rate of 769,000 privately-owned housing completions from a rate of 645,000 completions in March.
FOREX: EUR/USD Weekly Chart – The Euro falling further this week versus the US Dollar and touching its lowest level since April 2006 under the 1.2200 exchange rate. The EUR/USD has fallen below the bearish price channel in place since November when a high above 1.5000 was reached. The EUR/USD is now down by approximately 2,100 pips from the beginning of 2010.
By GCI Forex Research
Fundamental Outlook at 1400 GMT (EDT + 0400)
€
The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2445 level and was supported around the $1.2315 level. The common currency gained marginal ground after eurozone finance ministers reported the Greek debt crisis will not engender excessive tightening policies. European Union Economic and Monetary Affairs Commissioner Rehn reported the European Union will “take a look” at the deficit reduction plans of all 27 European Union governments before June. Greece confirmed receipt of a €14.5 billion loan tranche from the European Union. European Central Bank Weber warned against a return to “business as normal” in the economic recovery process. Three-month U.S. dollar Libor reached 0.46469% today, up from Monday’s level of 0.46%, while the euro Libor rate fell to 0.63%. Data released in the eurozone today saw EMU-16 April consumer price inflation up 0.5% m/m and 1.5% y/y at the headline level and 0.8% y/y at the core level. The May ZEW economic sentiment index fell to 37.6 from the prior reading of 46.0 while the EMU-16 March trade balance printed at €4.5 billion. The German May ZEW economic sentiment index fell to 45.8 while the current situation sub-index came in at -21.6. Also, French Q1 non-farm payrolls were off 0.1% q/q with wages up 0.7% q/q. In U.S. news, data released today saw the April headline producer price index off 0.1% m/m and up 5.5% y/y with the ex-food and energy rate up 0.2% m/m and 1.0% y/y. Also, April housing starts were up 5.8% m/m to an annualized 672,000 units and April building permits were off 11.5% m/m to an annualized 606,000 units. Traders are trying to reconcile how the European debt crisis may decelerate the removal of monetary accommodation by the Fed. Euro bids are cited around the US$ 1.2140 level.
¥/ CNY
The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥92.95 level and was supported around the ¥92.30 level. Bank of Japan overnight resumed the provision of U.S. dollars to lenders as dollar borrowing costs continue to escalate globally on account of European sovereign debt woes. BoJ is offering unlimited U.S. dollar loans for 84 days from 20 May to 12 August at a fixed interest rate of 1.24% against eligible collateral as part of this program. The central bank’s previous U.S. dollar lending operations commenced in September 2008 following the collapse of U.S. banking giant Lehman Brothers. Bids for the loans totaled US$ 210 million, a relatively low number that represented good news. BoJ’s Policy Board convenes on 20-21 May and some dealers expect it will provide information regarding its lending program this week designed to stimulate certain sectors of the economy including technology. Data released in Japan overnight saw the March tertiary industry index decline 3.0% m/m, down from the revised prior reading of -0.3%. Also, April consumer confidence improved to 42.1 while April machine tool orders were up 200.9% y/y. Additionally, April Nationwide department sales were off 3.7% y/y and Tokyo-area department store sales were off 4.9% y/y. The Nikkei 225 stock index gained 0.07% to close at ¥10,242.64. U.S. dollar offers are cited around the ¥96.85 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥115.45 level and was supported around the ¥113.75 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥134.80 level while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥82.35 level. In Chinese news, the U.S. dollar depreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8274 in the over-the-counter market, down from CNY 6.8277. People’s Bank of China adviser Xia Bin reported “diversification is a long-term trend” and added the euro’s problems will not deter China from diversifying its sizable foreign currency reserves. PBoC official Li De reported the central bank “will be very prudent” over interest rate adjustments. Yuan forwards gained ground following a report from eurozone finance ministers that Greece’s debt crisis will not precipitate “excessive” tightening policies.
£
The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.4405 level and was capped around the $1.4520 level. Cable spun lower during the North American session as traders continued to sell sterling on concerns the new coalition government will be unable to materially reduce the U.K.’s bloated budget deficit and national debt. Data released in the U.K. today saw April headline consumer price inflation was up 0.6% m/m and 3.7% y/y while the core CPI index was up 3.1% y/y. Both the headline and core year-over-year rates remain at significantly elevated levels and Bank of England Governor George cited elevated oil prices, a weaker pound, and restoration of the VAT sales tax rate at 17.5% as “factors that are masking the downward pressure on inflation from the substantial margin of spare capacity in the economy.” The 3.7% print was the highest since November 2008. The BoE Monetary Policy Committee expects CPI inflation will fall back to target within a year. New Chancellor of the Exchequer Osborne reconfirmed the new government’s “absolute commitment to maintaining price stability” and to reducing spending by £6 billion in 2010-2011. Cable bids are cited around the US$ 1.4110 level. The euro appreciated vis-à-vis the British pound as the single currency tested offers around the £0.8605 level and was supported around the £0.8540 level.
CHF
The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.1265 level and was capped around the CHF 1.1380 level. Swiss National Bank President Hildebrand late yesterday reported the central bank is “ready to act” against the current strengthening of the franc, noting it is jeopardizing the economic recovery and Swiss price stability. Hildebrand warned that Europe’s “dramatic” situation is “very difficult” and might worsen, pledging action in a “decisive manner.” U.S. dollar bids are cited around the US$ 1.1110 level. The euro gained ground vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.4045 level while the British pound lost ground vis-à-vis the Swiss franc and tested bids around the CHF 1.6295 level.
Forex Daily Market Commentary provided by GCI Financial Ltd.
GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (”CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.
DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.
Why The U.S. Dollar Is a Heat-Seeking Missile
By Justice Litle, Editorial Director, Taipan Publishing Group
As the U.S. dollar rises sharply in tandem with gold, the odds of another global financial crisis go up. Editorial Director, Justice Litle discusses why…
It’s a funny thing about crisis – you can never be sure what the next catalyst will be. The really bad trouble always seems to spring from a place no one was looking.
This is a big reason why so many investors are caught off guard. They check the obvious places, but forget to check the odd places. (Or else they shrug and dismiss the possibility of crisis entirely.)
What’s worse, our global financial system is even more prone to crisis now because everything is so connected. When one financial system sneezes, another catches cold… or pneumonia… or worse.
As you well know by now, the eurozone is engulfed in systemic crisis. But did you know that a crashing euro has the potential to unleash a fresh new round of fiscal avalanches all around the world – even in countries that have no exposure to the euro at all?
The reason why has to do with the U.S. dollar. The surging U.S. dollar.
On Friday we talked about how gold has gone parabolic. As the chart above shows, the U.S. dollar is going parabolic right along with it.
When gold and the dollar rocket higher at the same time, that’s a very bad sign. When the two get together like this, they are dark riders of deep fear and concern.
The dollar-gold parabolic pairing is rare. It happens as a function of last-ditch safe haven buying. When things get really bad, many investors want to seek shelter in gold, the last “neutral currency”… and the rest want to pile into U.S. Treasuries.
Right now we can say the U.S. dollar is rising for at least three reasons:
Now here is the problem with this situation. The higher the dollar rises, the more the shorts get squeezed.
And who are the “shorts” in this instance? Anyone who has borrowed cheaply and heavily in U.S. dollars, with an eye for investing the proceeds elsewhere.
Take our good friend Hugo Chavez, for example. Chavez is the fiery leftist president of Venezuela – a man who, just to give you an idea how he thinks, recently hired some 200 people to manage his Twitter account.
Chavez is also – how to put this tactfully – a bit light in the brains department. The man is just not that smart.
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And so, it was no surprise last year when, somewhere in the general vicinity of the dollar’s bottoming out phase, Chavez decided that Venezuela should issue dollar-denominated bonds.
This meant that Venezuela sought to borrow in U.S. dollars, assuming it would have the ability to pay those dollars back more cheaply – with lesser value inflated dollars – at some point down the road. Chavez cackled about the move at the time, thinking he was taking advantage of the despicable yanquis and their forever shrinking imperialist currency.
With the dollar now rocketing higher, though, Venezuela’s setup is looking like a very bad deal. To borrow in a foreign currency is to live or die by the fluctuations. For every tick upward in the buck, Venezuela’s potential payback costs go up.
The Asian debt crisis of the late 1990s – also known as the “Asian contagion” – was largely centered around dollar-denominated debt. Thailand had borrowed heavily in dollars to spend money on things like needless construction projects.
When the value of the baht plummeted, Thailand found itself unable to pay its U.S. dollar debts. Other Asian nations, lacking enough spare dollars to cover their scheduled payments, found themselves in the same spot… and the contagion was on.
Now fast-forward to the present day. Asia is not the one at risk of a dollar shortage this time. They learned their lesson on the last go round, which is why so many Asian central banks have huge dollar surpluses.
The trouble is, others have taken the old Asia playbook and run with it. Many non-Asian countries, not just Venezuela, have borrowed heavily in U.S. dollars on the assumption of paying the money back cheaper.
What’s more, a number of exporters – particularly in Europe – have done the same thing. These exporting companies assumed that getting leverage against the greenback was a sure thing… a one-way bet. The dollar was going down and down when they effectively made a long-term wager against it (by borrowing in dollars). Never did they imagine such a sharp reversal of the trend.
So the faster the dollar rises, and the more sharply it rises, the more pain these “short dollar” players feel. Nor is this even to mention the world’s hedge funds, which have collective access to trillions of dollars worth of leverage… and have deployed much of that leverage in anti-dollar fashion.
Hopefully now you are getting a sense of why the rising dollar is a heat-seeking missile. As it climbs ever higher like a stage five rocket, it gets closer to exploding a whole new level of crisis.
You can get additional information about the U.S. dollar when you sign up and read my fellow Editor Adam Lass’ investment commentary.
What’s more, this new crisis has the potential to run on a dangerous feedback loop (just as most all leverage-fueled cock-ups do). As the pressure gets too intense, various countries will decide to buy back their short dollar exposure, either by retiring the dollar-denominated debt or purchasing $USD in the open market to hedge their risk.
This, in turn, creates more buying pressure for the dollar… which pushes the greenback higher still… and so on.
If you’ve ever wondered why markets can run wildly to high and low extremes that seem to make little fundamental sense, this is a big part of it. At a certain point, it stops being about factors like “yield” and “intrinsic value” and more about things like “sentiment” and “plumbing.”
In a nutshell, sometimes the feedback loop takes over – and there isn’t much anyone can do about it.
Equities can play a role too, through the leveraged nature of investment funds. If a large hedge fund is heavily invested in long equities with plenty of leverage, and the value of those equity positions starts to decline (i.e. stocks go down), the fund might need to sell stocks and cover some of its short dollar exposure at the same time, in order to “stop the bleeding” and reduce risk.
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If just one fund takes the course of action described above, it should be no problem. If enough large funds do it simultaneously, however, you can have an immediate problem (of the type that fuels a 1,000 point drop in the Dow, for example).
On the equity side of the feedback loop, this means selling begets more selling. On the dollar side it means short-cover buying begets more short-cover buying. Like the ouroboros, the fat tail feeds on itself.
This kind of thing is not reason enough to sidestep markets entirely. There are few “set and forget” type investments in the world, and central bankers everywhere are working hard to make cash in the mattress a bad idea.
But you want to be careful out there. If you can, cultivate the ability to go short as well as long, either through options and ETFs or individual equities. Learn when to be tactical in your deployment of capital, not just strategic.
And learn to take overly rosy forecasts with a grain of salt. Every projection has hidden risk, and that risk should be brought up front and dealt with. (The good news being, sometimes the risk is also opportunity.)
Don’t forget to follow us on Facebook and Twitter for the latest in financial market news, investment commentary and exclusive special promotions.
About the Author:
Justice Litle is the Editorial Director of Taipan Publishing Group, Editor of Justice Litle’s Macro Trader and Managing Editor to the free investing and trading e-letter Taipan Daily. Justice began his career by pursuing a Ph.D. in literature and philosophy at Oxford University in England, and continued his education at Pulacki University in Olomouc, Czech Republic, and Macquarie University in Sydney, Australia.
By Fast Brokers – The Aussie has dropped through 5/5 lows and a key uptrend line. Hence, if there is a thorough confirmation to the downside the Aussie could be sending technical signals that a more protracted downturn may be approaching. Considering the performance of the Aussie tends to be inextricably tied to China, this could be foreboding of more problems in the Far East. However, before we get ahead of ourselves we would need to see a clear downside confirmation in the Aussie along with accompanying psychological developments. Meanwhile, the Aussie is underperforming today after the RBA meeting minutes showed that the central bank’s rate hikes could be coming to an end. Problems in the EU as well as new restrictive real estate rules in China are enticing the RBA to pause and see how Australia’s economy fares. Speaking of which, the RBA noted that higher interest rates are beginning to have a noticeable impact on economic performance, further solidifying a more neutral rate stance next month. Australia will release consumer sentiment and wage price data tomorrow followed by U.S. CPI. However, focus should remain on the ability of the Shanghai Composite to stabilize and EU jitters to calm. Should either condition worsen then the Aussie could find itself confirming our suspicion.
Technically speaking, the Aussie faces technical barriers in the form of intraday and 5/5 highs. As for the downside, the Aussie has technical cushions in the form of intraday lows and the psychological .87 and .86 levels.
Price: .8754
Resistances: .8765, .8782, .8803, .8822, .8843, .8855, .8869
Supports: .8744, .8734, .8721, .8709, .8693, .8681
Psychological: .89, .88, .87, May lows
Market Commentary provided by Fast Brokers.
Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.
Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.
By Fast Brokers – The USD/JPY is continuing its upward consolidation above the psychological 92 level as conditions in the FX markets calm down following last week’s hefty volatility. However, as we’ll mention time and again, investors shouldn’t get too complacent with the USD/JPY since the currency pair has the potential to jolt to life. It seems investors are taking a step back and surveying the landscape to determine where to take markets from here. Has all of the damage been done concerning the EU fiscal meltdown, or is there another wave approaching? Should another storm hit this could send the USD/JPY reeling again due to the Yen’s safe haven status during moments of abnormal levels of uncertainty. Meanwhile, the BoJ’s $22 billion liquidity injection should keep the USD/JPY afloat and comfortably above its highly psychological .90 area. Japan will be quiet on the data wire tomorrow, though we will receive Prelim GDP on Thursday. Focus should remain on the EU for the time being as finance ministers discuss details for the $1 trillion rescue package.
Technically speaking, the USD/JPY faces technical barriers in the form of multiple downtrend lines along with intraday, 5/14, and 5/13 highs. Additionally, the psychological .93level could serve as a solid barrier should it be tested. As for the downside, the USD/JPY has multiple uptrend lines serving as technical cushions along with intraday and 5/7 lows. Furthermore, the psychological .92 area could continue to serve as a solid support over the near-term.
Present Price: 92.55
Resistances: 92.66, 92.82., 92.95, 93.06, 93.29, 93.43, 93.54
Supports: 92.50, 92.39, 92.17, 92.07, 91.92, 91.80, 91.70
Psychological: .93, .92, .91, .90
Market Commentary provided by Fast Brokers.
Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.
Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.
By Fast Brokers – The Cable is taking a breather today, consolidating around yesterday’s highs as the currency pair tries to break past 1.45. However, as with the EUR/USD, gains from monthly lows have so far been negligible and heavy downward forces continue to weigh on the Cable. Election fervor seems to be cooling down and the next pit stop may not be until the release of the UK emergency budget on 6/22. Hence, focus now squares on fundamentals and developments in the EU. Speaking of fundamentals, CPI and RPI both came in hotter than anticipated, with retail prices logging the largest gains. Therefore, King will have to write another letter to the government explaining present inflationary pressure. Inflation comes at an untimely point for the BoE since the UK is trying to solidify its economic recovery and the government is looking to make budget cuts to reign in the deficit. Additionally, fiscal issues in the EU don’t help matters, and as long as the EU is unstable the BoE would be hard pressed to tighten liquidity. That being said, it will be interesting to see how King responds and whether the BoE tightens its rhetoric or casts aside the inflation as temporary. Speaking of the BoE, the central bank will release its meeting minutes to the public tomorrow and analysts well be looking through the language carefully. The U.S. will also release CPI data tomorrow, meaning the Cable could be rather active for the next 24 hours.
Technically speaking, the Cable faces mounting downtrend lines along with intraday highs, 5/14 highs and the psychological 1.45 level. As for the downside, the Cable has support in the form of intraday and 5/17 lows. Additionally, the psychological 1.43 level could serve as a solid support should it be tested.
Present Price: 1.4435
Resistances: 1.4451, 1.4474, 1.4493, 1.4507, 1.4531, 1.4563
Supports: 1.4431, 1.4416, 1.4398, 1.4366, 1.4340, 1.4305
Psychological: 1.44, 1.43, 1.45, May lows
Market Commentary provided by Fast Brokers.
Disclaimer: FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.
Risk Disclosure: There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.
By Adam Hewison – Gold is the most popular market that we cover, and whenever we write about it, or produce a video featuring this precious metal, unsurprisingly, it also tends to generate the most passion of any market that we cover. With gold making new highs recently, I thought it would be timely to put together a video showing you where we are placing our short-term stops. The video is about 90 seconds long and shows you in a very visual way, what we’re looking at in this market.
The video is available for viewing now and there is no charge or registration requirement.
If you’d like to comment on this video, please visit our blog and make your views known.
All the best,
Adam Hewison
President, INO.com
Co-creator, MarketClub.com
By Adam Hewison – The crude oil market broke through an important support zone and appears to be very much on the defensive. In this new short video on crude oil, I point out some of the levels that I still think are important in this market and illustrate just how important it is to use both stops and our “Trade Triangle” technology.
It is a short video and there is no charge or registration requirement in order to view.
Watch the New Oil Video Now…
If you have comments on this video, please visit our blog to share them with us.
All the best,
Adam Hewison
President, INO.com
Co-creator, MarketClub.com
