May 22nd, 2013
Published Daily
COMMENTARY for Monday

Obama Is No Richard Nixon

by Rick Ackerman on May 20, 2013 5:55 am GMT · 50 comments

[Breaking newsI knew we would be richly entertained by Obamagate, but who could have imagined the slapstick would start so soon? In fact, we now know that the IRS and certain unnamed "White House aides" sat on the scandal for several weeks while they mulled ways to spin it.  In the meantime -- and this is where the Liar-in-Chief has really kicked off the show -- Obama maintains that he only found out about the IRS witch-hunt against Conservative groups when he read about it in the papers.  And this just in: The IRS-official-in-charge says she will plead the Fifth rather than testify before Congress. Is this spectacle going to be fun, or what! RA]

With new revelations of scandal surfacing almost daily, there are apt comparisons to Watergate, of course. But say this for Richard Nixon: at his worst, the man’s political ambitions never went much beyond stealing an election and settling an old score with the press. The political career of Barack Obama, on the other hand, has been animated by an overweening vision that seeks nothing less than the further enlargement of Big Government so that even the most ardent disciples of the New Deal might someday stand in awe of His achievement. But would they? FDR at least had a Keynesian excuse for ramping up fiscal stimulus and expanding Washington’s reach, since the U.S. had been wallowing in depression for more than a decade.  We’ll concede that Obama was dealt a » Read the full article


TODAY'S ACTION for Tuesday

A Turning Point for Gold?

by Rick Ackerman on May 21, 2013 4:39 am GMT · 0 comments

Yesterday’s reversal in gold was the most promising price action we’ve seen in a long while.  For a detailed technical explanation of what it may portend, and timely instructions for trading it, check out today’s tout and the chart that accompanies it. I will also be stepping up coverage of other bullion-related vehicles that have been almost too depressing to watch.  If you want a peek but don’t subscribe, consider taking a risk-free trial subscription to Rick’s Picks.


Rick's Picks for Tuesday
$ = Actionable Advice + = Open Position
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All Picks By Issue:

$GCM13 – June Gold (Last:1387.70)

by Rick Ackerman on May 21, 2013 4:32 am GMT

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$GDX – Gold Miners ETF (Last:28.01)

by Rick Ackerman on May 21, 2013 5:02 am GMT

Yesterday’s rebound in this vehicle was strong, although not quite as compelling as the one in Comex Gold futures. Moreover, the intraday low exceeded the midpoint support of the pattern shown by a decisive 52 cents, shortening the odds that its ‘D’ sibling at 22.25 will eventually be reached. We’ll give bulls the benefit of the doubt nonetheless, since mining shares are unlikely to languish if they catch their first whiff of strength in bullion in many months. From a Hidden Pivot perspective, this vehicle needs to keep running without taking a breath until 29.83 (a 5/14 peak) has been exceeded. Camouflageurs should look for entry opportunities on the 15-minute chart, since there are some choice ‘externals’ to be found therein.

$SIN13 – July Silver (Last:22.410)

by Rick Ackerman on May 21, 2013 5:23 am GMT

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$TSLA – Tesla Motors (Last:87.80)

by Rick Ackerman on May 14, 2013 8:11 am GMT

Tesla got short-squeezed to within 28 cents of the 86.72 target I’d proffered early Monday morning, but a second-wind rally to 88.00 suggests it’s got eyes for 104.44, the ‘D’ target associated with the first number. It can serve as a minimum upside objective for now, implying that all trades between here and there be positioned from the long side.  We’ll plan on buying weekly puts if and when the target is reached, provided it happens before Wednesday of the given week.  Please note as well that a lesser Hidden Pivot at 94.19 (see inset) has the potential to stop the rally cold and can therefore be used for spec camouflage shorts.

$GOOG – Google (Last:880.23)

by Rick Ackerman on May 13, 2013 4:09 am GMT

All signs point higher at the moment, but even Google will have to top somewhere. My best-bet for a short-able apex is 929.78, the Hidden Pivot target of a well-defined ABCD on the monthly chart (see inset). You can try shorting with camouflage at that number, or at the D target (in purple) of the lesser pattern, but until then all trades should incorporate a bullish bias.

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$BBY – Best Buy (Last:26.89)

by Rick Ackerman on May 1, 2013 5:01 am GMT

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