DaBoyz had the E-mini S&Ps down a few measly points shortly after midnight — white collar criminals reduced to stealing hubcaps and vending-machine change. The low so far has been 912.00, but if that’s all the shaking down the sleazeballs can do, then we should look for a soft opening Thursday morning. Its purpose would be to create the bargain prices that seem so elusive tonight. This is doubtless more easily accomplished during off-hours, when Goldman shares are not pulling the stock market around by the nose.
COMMENTARY for Thursday
TODAY'S ACTION for Thursday
Rick's Picks for Thursday
We are trying to short four ____ calls against the September 10 calls we already hold for an average 0.69. Since we were unable to short the calls yesterday for 0.50, let's...
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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...
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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 _____ before week's end. As the accompanying chat shows, the rally ...
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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 
‘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