I’m a little more cautious than usual today, since the “Goldman Indicator” looked like a coin-toss Thursday night. Goldman isn’t the only stock that could easily pop another rally leg: IBM and Apple also look pretty good, and I have therefore furnished targets for both.
COMMENTARY for Friday
TODAY'S ACTION for Friday
Rick's Picks for Friday
Although likely in my estimation, a rally to the spotlighted Hidden Pivot at _____ is not quite a done deal, especially if the stock gets pummeled today, widening the distance from yesterday's high. We would therefore...
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On the hourly chart, the selloff from yesterday's high missed being impulsive by just two ticks, and today would have to start with a bearish lurch exceeding 856.50 to turn things geniuinely menacing. The ____ rally target from way back when is still our lodestar; however, it is not particularly ...
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Let's lower the bar slightly for determining whether buyers may have seized control. We'll put it at _____, a tick above where Gold began to unravel on Monday. Otherwise, we should expect ...
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We bought four ____ calls yesterday for 0.65 apiece. Sit with them for now, since we'll need a strong rally to allow us to short something against them for a sum that would ...
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After revisiting the 180-minute chart, I'm raising the 129.05 rally target to _____. You can short there conservatively with a stop-loss that suits your style, but keep in mind ...
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A Hidden Pivot resistance at _____ is equivalent to the rally target I've identified in Apple, and the same caveats apply if you should decide to short this stock. If Big Blue gets by that number, look for a follow-through ...
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INTRADAY TRADING NOTES for Friday
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This Just In... for Friday
The earnings that banks have been reporting lately are about as honest as the numbers disseminated by Bernie Madoff’s accountant. Since blatant lies about the health of the banks are sustaining the bear rally that began in early March, it’s important that we understand what is really going on. Here’s a good place to start – an article by Trace Mayer that fleshes out some egregious deceptions being foisted on the public. Click on the link below to access his report:
Rick’s Picks is a daily trading newsletter and intraday advisory packed with detailed strategies, fresh ideas and plain old horse sense.
Rick Ackerman is the editor of Rick’s Picks and a partner in 
One More Rally Could End It
by Rick Ackerman on May 1, 2009 12:01 am GMT · 1 comment
Our 129.95 target caught the spike top in Goldman yesterday within two cents, but it remains to be seen whether that will be it for the stock’s sensational bear-market run. That’s a crucial concern for investors, since, if Goldman shares have completed their death rattle, then so has the mania that has driven the broad averages higher since early March. Some readers may recall that the stock market’s bear squeeze began with an announcement of bogus earnings by Citigroup at that time. All of the big banks have followed suit with their own dubious boasts of profits, including a $4.6 billion gain booked » Read the full article