Short-covering seems to be losing its urgency, shorts their nervousness, increasing the odds that any breakdown could be swift and punitive. If the E-Mini S&P target for Thursday is borne out, the Dow would be down around 200 points.
COMMENTARY for Thursday
TODAY'S ACTION for Thursday
Rick's Picks for Thursday
The bear rally has assumed the demeanor of Mr. Hyde at the moment, not so much unpredictable as too skittish to frame calmly in one's crosshairs. Even so, we should expect the death dive begun in the final hour of yesterday's session to reach _____ if it trashes that Hidden Pivot's midpoint sibling at 834.25 Wednesday night....
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At yesterday's close the futures looked poised for a thrust to at least ____, a Hidden Pivot, but they'll need to push just a tad higher, to _____, to revitalize the bull trend begun from 865 three days ago. That wouldn't negate an 845.20 target we've been using as a potentially important correction low, but it would alter the odds significantly in bulls' favor.
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We hold the Sep 84-May 84 calendar spread four times for 3.45. It is a conservative bullish play, but there is growing downside exposure that we should take steps to neutralize. Accordingly, I'll suggest bidding ...
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Silver Wheaton topped a list of precious-metal buy recommendations sent out a few days ago by George Carson, a New Zealand forecaster using a technical system that he says has produced no bad signals going back two years. The "buy" was generated on April 17, but so far SLW seems reluctant to oblige. Indeed, by my runes, the stock looks vulnerable over the near-term to a fall to ____, a Hidden Pivot that lies about nine percent below these levels. If this occurs, I'll recommend buying 200 shares, no stop.
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INTRADAY TRADING NOTES for Thursday
The trade in June Crude is working nicely, since the futures topped this morning at 49.92, a penny from my target. If you shorted 49.91 as suggested, you're in at an unbeatable price and proftable on paper, since the futures have pulled back more than 20 cents from their highs. You'll be on your own now, but I'd suggest a stop-loss that would preclude a loss, then a 15-cent trailing stop if and when 49.60 is hit on the retracement.
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Rick Ackerman is the editor of Rick’s Picks and a partner in 
Why Working Stiffs Envy the Mailman
by Rick Ackerman on April 23, 2009 2:39 am GMT · 9 comments
Years ago, we wrote here that white collar workers would one day grow jealous of the mailman. It would appear that that day has finally arrived. Why the envy? For one, the mailman enjoys the kind of job security that most workers in the private sector sacrificed years ago. For two, the mailman’s healthcare package is comparable to what top executives receive. Third, he can retire fifteen years earlier than you with benefits that make yours look stingy. And four, there are all those paid holidays, sunshine and fresh air. » Read the full article