Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Tuesday, the 9th of July.<br /><br />NASDAQ Flashes A Buy Signal<br />On Monday, our weekly (intermediate trend) Trade Triangle kicked in and gave a buy signal for the NASDAQ index. The signal came in at 3,488.31, confirming that both the intermediate and longer-term trends are now in unison signaling a move to the upside. The NASDAQ could be a precursor of trends to come on both the DOW and the S&P 500, only time will tell.<br /><br />Crude Oil Takes A Breather<br />Do not be fooled by this momentary pause in the price of crude oil, with the trend clearly established to the upside, I am looking for new highs in this market. With a target zone of $110 per barrel for crude, I see no reason to abandon long positions and want to hold firm for longer term traders. A close in the August contract over $103.50 this week will represent a new high close and a continuation of the uptrend.<br /><br />Two Clear Cut Trends<br />Of the six markets we track every day, only two have strong defined trends at the moment. They are the NASDAQ index and crude oil and I would trade them both in the direction of the major trend.<br /><br />On The Radar Today<br />Shares of FedEx (NYSE:FDX) jumped dramatically today, moving to their best levels since March 19th of this year. The move triggered both our weekly and monthly Trade Triangles giving a strong buy signal for this stock. Today I will be looking at FedEx and showing you where I think this stock is headed next.
