A hard-down day like yesterday brings reality into such sharp focus as to make another big rally seem almost preposterous. But not impossible. And that’s why we’ll keep a close eye on the lesser charts, since they should provide clarity, if not to say certitude, on the matter of whether DaBoyz will be able to squeeze one last round of distribution from all the suckers who are still holding the bag at these levels.
COMMENTARY for Tuesday
TODAY'S ACTION for Tuesday
Rick's Picks for Tuesday
Gold still looks buoyant after clawing its way higher yesterday, but the rally so far has not been particularly impressive. To avoid false hope or confusion, we'll use _____ today as a bullish trigger, since that's what it would take to turn the hourly chart positive. ...
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DaBoyz let the futures grope their way relentlessly lower yesterday in search of a bottom that never materialized. Now, judging from the extremely timid action Monday night, the pros are as nervous as the amateurs concerning what might ensue. The two possible scenarios on which nearly everyone is focused are 1) the bear rally begun on March 6 is over; or 2) a sharp break, one with perhaps 2-3 days remaining, will be recouped quickly as the bear rally returns in earnest. My hunch is that ...
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Goldman should lead the way down if the bear is about to emerge from hibernation, as we suspect it is. It would take merely a breach of 112.50 today to turn the daily chart bearish, and a print below 112.22 to queer the 0.618 Fibonacci support associated with the most recent rally leg. Ordinarily I'd suggest trying to leverage the stock's fall by buying some long-dated, way out-of-the-money puts. However, ...
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Implied volatilities have collapsed so badly that the September 270 put we hold for $8 can be bought for a bit less than that even though the stock is trading nearly $10 lower. My hunch is that option volatility will return once Google has had the opportunity to fall a further 50-70 points. We can wait, since our risk ...
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My minimum dwnside projection for the near term is ____. That's a midpoint Hidden Pivot, but I wouldn't recommend bottom-fishing there since it comes off a continuous chart. A breach of that number would be bearish, a two-day close below ...
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Rick Ackerman is the editor of Rick’s Picks and a partner in 
Greedy Bankers Not Entirely to Blame
by Rick Ackerman on April 21, 2009 1:11 am GMT · 2 comments
For a few bracing hours yesterday, everything seemed right with the world: stocks were getting pounded, gold and silver were moving energetically higher, and crude oil was plummeting just as it should in a world that is sinking into the mire of recession-or-worse. It was a welcome change from the surreal, feel-good mood that has pervaded the bourses in the U.S. and elsewhere since early March. Even the Wall Street Journal deferred to reality with this dog-bites-man story atop the front page: Bank Lending Keeps Dropping. Shocking, » Read the full article