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COMMENTARY for Thursday
TODAY'S ACTION for Thursday
Rick's Picks for Thursday
We are trying to short four June 10 calls against the September 10 calls we already hold for an average 0.69. Since we were unable to consummate the sale yesterday for 0.50, let’s ratchet up the greed factor and shoot for 0.60, good through Friday. They looked so heavy yesterday that we can only infer DaBoyz want to take them higher; their goal is the same as ours.
Early Wednesday evening, the futures were playing toe-sies with the 917.75 Hidden Pivot target identified in yesterday early-morning update. They have been no higher than that today, but we shouldn’t rely too heavily on the pivot’s stopping power. If and when it gets smashed, look for the futures to continue higher, to at least 933.50. That’s a Hidden Pivot we identified during yesterday morning’s webinar for seminar grads, and it’s shortable with a stop-loss as tight as three ticks. Even more advantageously, night owls should look for “camouflaged” entry opportunities on the long side, since a trade from these levels has $1000 of profit potential per contract, in theory. _______ UPDATE (4:25 a.m.): Looks like DaBoyz are struggling to keep ES from running away. 912.00 has been the overnight low so far, but the futures have since rebounded to puncture Wednesday’s high. This all but clinches the predicted run-up to at least 933.50. _______ FURTHER UPDATE(11:30 a.m.): The chart shows that this morning’s high occurred a tick off the ‘D’ target derived from the “one-off” point ‘A’.
Gold looks well fortified to buck the insanity on Wall Street, so expect it to hang out at worst if the broad averages get goosed higher again today. However, if the June futures break higher, we should expect the rally to hit a minimum 934.10 before week’s end. As the accompanying chat shows, the rally is having little trouble sustaining altitude above a Hidden Pivot midpoint at 907.10. Our benchmark for an irresistible breakout is still 935.90.
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Hidden Pivot Webinar & Tutorials
The next Hidden Pivot Webinar will be held on 6/30 - 7/1. This two-day event is designed to teach you the risk-averse trading strategies Rick has taken to his seminars around the world. Once you have learned his proprietary secrets, you will approach trading and investing with enough confidence to make your own decisions without having to rely on the advice of others. For more information, or to register, click here.
‘Fat Lady’ Goldman Has Yet to Sing
by Rick Ackerman on May 7, 2009 12:01 am GMT · 2 comments
Although we remain as bearish on the U.S. economy as anyone we know, our obsessive focus on the shares of Goldman Sachs has kept us unwaveringly bullish throughout the stock market’s spectacular bear rally. Most recently, ever since Goldman hit a bullish tripwire at $121 a couple of weeks ago, we’ve been looking for the stock to continue up to at least $144.19. That’s a key resistance that we refer to as a Hidden Pivot, and it has the potential to stop the rally cold. » Read the full article