Hello traders everywhere. The stock market gave back early Friday morning gains after the second U.S. case of the deadly coronavirus was confirmed. The Centers for Disease Control and Prevention (CDC) said a Chicago resident who traveled to Wuhan, the Chinese city where the coronavirus originated, in December was diagnosed with the sickness. So far, the outbreak in China killed 26 people and infected more than 900 in the past week, raising concerns about its fallout on the global economy. That report pushed the DOW was down over -175 points, the S&P 500 slid -08% and the NASDAQ fell -.75% on the day. Overall for the week, the DOW is on pace to lose -.8%, it's the first weekly loss in two weeks. The S&P 500 will also post its first loss in two weeks, with a loss of -.5%. However, the bigger shock to the system is that the NASDAQ will post a weekly loss of -.1% its first weekly loss in over six weeks. Crude oil continues to under heavy pressure from rising inventories and weakening demand. Crude will post it's third straight week of losses with a loss of -7.9% trading below $54 a barrel. The EIA itself earlier this week said it expected crude oil production in the shale patch to continue increasing, adding 22,000 bpd next month to reach a total of 9.2 million bpd. The increase will come from the Permian and the Bakken, which will together add 50,000 bpd to their daily average, more than offsetting declines across the rest of the shale patch. You would think that news of a coronavirus outbreak would be just the event that gold bugs love, but gold will end the week up +.9% a somewhat muted move. However, sentiment in the marketplace is still significantly bullish among both Main Street investors and Wall Street analysts. Look for gold to make a move higher is the coronavirus outbreak continues to strengthen. The U.S. Dollar finally broke above $97.65, triggering a new green weekly Trade Triangle, indicating that it is now in a sidelines mode. The dollar will post a modest gain of .+3%, but that marks it's third straight week of gains. Bitcoin will suffer a weekly loss of -7.5% marking it's first weekly loss in over five weeks as the bullish momentum stalled-out right at the 200-day moving average. That is now the level of resistance, which stands at $9,046. Key Levels To Next Week: S&P 500 (CME:SP500): 3,214.64 Dow (INDEX:DJI): 29,009.07 NASDAQ (NASDAQ:COMP): 8,943.50 U.S. Dollar (ICE:DX): 96.54 Gold (NYMEX_GC.G20): 1,554.40 Crude Oil (NYMEX:CL.G20): 56.27 Bitcoin (BITCOIN:BITSTAMPUSD): 7,310.00
MarketClub/INO, a division of TIFIN Group LLC, is affiliated with Magnifi via common ownership. Affiliates of Magnifi will receive cash compensation for referrals of clients who open accounts with Magnifi. Due to this compensation, a conflict of interest exists since MarketClub/INO has an incentive to recommend Magnifi LLC.
Magnifi LLC does not charge advisory fees or transaction fees for non-managed accounts. Clients who elect to have Magnifi LLC manage all or a portion of their account will be charged an advisory fee. Please see Magnifi’s Form ADV for additional information about fees and charges that may apply. Magnifi LLC receives compensation from product sponsors related to recommendations. Other fees and charges may apply.
Magnifi, normally $14 per month, will be available at no additional cost to MarketClub members. Account holders must be 18 years of age and have an approved Magnifi account. Magnifi will determine qualifying account holders at its own discretion.
U.S. Government Required Disclaimer—Commodity Futures Trading Commission
Futures and Options trading has large potential rewards, but also large
potential risk. You must be aware of the risks and be willing to accept
them in order to invest in the futures and options markets. Don't trade
with money you can't afford to lose. This is neither a solicitation nor
an offer to Buy/Sell futures or options. No representation is being
made that any account will or is likely to achieve profits or losses
similar to those discussed on this web site. The past performance of
any trading system or methodology is not necessarily indicative of
future results.
CFTC RULE 4.41—HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
All trades, patterns, charts, systems, etc., discussed in this advertisement and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author and do not necessarily reflect those of the publisher or INO.com. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using the MarketClub™ methodology or system will generate profits or ensure freedom from losses. The testimonials and examples used herein are exceptional results, which do not apply to the average member, and are not intended to represent or guarantee that anyone will achieve the same or similar results. Each individual's success depends on his or her background, dedication, desire, and motivation.
You are now leaving a Magnifi Communities’ website and are going to a website that is not operated by Magnifi Communities. This website is operated by Magnifi LLC, an SEC registered investment adviser affiliated with Magnifi Communities.
Magnifi Communities does not endorse this website, its sponsor, or any of the policies, activities, products, or services offered on the site. We are not responsible for the content or availability of linked site.