If yesterday was the reversal day it appeared to be, today could bring a tedious, temporary respite in the form of cat-and-mouse. We’ll regroup in the chat room, since there’s no percentage in calling trades ahead of this week’s edition of Friday Follies.
COMMENTARY for Friday
TODAY'S ACTION for Friday
Rick's Picks for Friday
The futures have gotten squeezed for 17 points since bottoming late Thursday afternoon, so there are obviously a few short-sellers left with more guts than brains. Night owls could take advantage by bottom-fishing at ____ , stop ____....
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A Hidden Pivot support at _____is the best of an unappetizing lot, but it would become a realistic downside target for the near term if the futures bludgeon its sibling midpoint at 910.30 into submission. The support has already been exceeded by three ticks -- not quite enough for us to infer ...
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The Dollar Index continues to flirt with catastrophe, having exceeded a crucial midpoint support at 83.45 yesterday by 0.03 points. I''ve already predicted that DXY will fall to at least _____ if the support is breached ...
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We are attempting to short four ____ calls for 0.60 against four ____ calls we already hold with a cost basis of 0.69. Leave the order in for today, but check back during the day, since we may need to adjust on-the-fly. DaBoyz got a little piggish yesterday with the brutal head-fake opening, but ...
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The futures are within a day's weakness of a potentially very important Hidden Pivot support at _____. I have my doubts that it will end the bear market, but it could engender the kind of bounce that will make shorts doubt, at least for a short while, that ...
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Because Sugar was mentioned in the chat room, I've pulled together a chart that shows a potential last-gasp move to ____, basis the NYBOT ...
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Rick Ackerman is the editor of Rick’s Picks and a partner in 
Reversal Day Leaves Sellers on the Attack
by Rick Ackerman on May 8, 2009 12:44 am GMT · 0 comments
Are bears about to get a breather? It certainly looks that way, since two trading vehicles that we track and trade daily reversed sharply yesterday without reaching their respective Hidden Pivot rally targets. We were looking for Goldman Sachs to hit a minimum $144.19 to signal the end of the massive short-squeeze begun in November; the stock only reached $141.56 in the opening minutes of the session, however, and then it was downhill for the rest of the day. When the dust settled, the stock had fallen nearly $10, recouping some of » Read the full article