Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Monday, the 1st of October.
The first day of October started dramatically with the price of gold shooting to its best levels in almost a year. We consider this to be a real indicator of peoples' fears about what's going on both in Europe, and more importantly the United States. Technically we have been bullish on gold, based on our Trade Triangle technology and we are holding onto all our long positions. We believe that gold will surpass the $2,000 an ounce mark in the not-too-distant future.
We also want to pay close attention to the crude oil market, as we believe this market can put in a strong performance in Q4. Equities are still in a bullish phase and we are targeting the S&P 500 to move to $1,550 some time next year.
Don't rule out further strength in the Euro. No matter what the problems are in Europe, we may have bigger problems here in the US.
Inflation Watch: A move over $320 on the Reuters/Jeffries CRB Index will be a sure sign that inflation will be coming on strong in 2013.
Now, let's analyze the major markets and stocks on the move using MarketClub's Trade Triangle Technology.
