I’ve filed a report on the Hard Asset Investment Conference and am about to head out to dinner and a show with friends. Touts for Wednesday will be out later tonight, around midnight, but due to a quirk in my publishing software, the commentary itself may not appear on this site until 8 p.m. EDT.
COMMENTARY for Tuesday
TODAY'S ACTION for Tuesday
Rick's Picks for Tuesday
The June contract is taking its sweet time getting to a 934.20 target that should have been a piece of cake. Still, there are no troubling sign of weakness, and so we should continue to presume in favor of the bulls. If this tiresome consolidation eventually develops enough thrust to reach the 934.20 pivot, there would be yet another to overcome at 938.80. This is not meant to suggest that Gold’s potential is limited; to the contrary, we should be prepared to see the futures pulverize these minor resistance points if and when bullion is ready to move. We expect this will occur when it has become quite clear that the bear rally in stocks begun in early March has run its course.
Yesterday's selling lacked the kind of ferocity that can lighten the bears' heart, so we should start the day with modest expectations for any follow-through. As of 6:15 p.m., a minor downtrend pointed to ____, a Hidden Pivot support that you could bottom-fish with a stop-loss as tight at _____. Night owls can use a peak at 911.00 made ...
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Natural Gas futures have been on quite a tear lately, but the rally will face its first challenge in the form of a Hidden Pivot resistance at _____(basis July). The pivot lies not far above current levels and should ...
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The September 84-May 84 spread that we hold four times is an easy exit right now for around 4.20, which would yield a theoretical gain of $160. That would hardly be worth the effort, so I'll suggest waiting until you can come away with at least 4.40, for a profit of about $240...
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The rally is coming off a low that exceeded an important midpoint support at 83.45, so our expectations are low. That said, I should note that my friend Bob Hoye is now bullish on the dollar and thinks that its strength in the weeks and months ahead will be a significant factor in the next, hellish phase of economic ...
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From just above a predicted low at 119^10, the futures have now rallied to within a whisker of our first important rally target, 121^28. Someone in the chat room reported booking a $400 profit on a long position taken near the lows, but it would have taken unnecessary guts to have ...
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INTRADAY TRADING NOTES for Tuesday
The June contract is taking its sweet time getting to a 934.20 target that should have been a piece of cake. Still, there are no troubling sign of weakness, and so we should continue to presume in favor of the bulls. If this tiresome consolidation eventually develops enough thrust to reach the 934.20 pivot, there would be yet another to overcome at 938.80. This is not meant to suggest that Gold’s potential is limited; to the contrary, we should be prepared to see the futures pulverize these minor resistance points if and when bullion is ready to move. We expect this will occur when it has become quite clear that the bear rally in stocks begun in early March has run its course.
This Just In... for Tuesday
The June contract is taking its sweet time getting to a 934.20 target that should have been a piece of cake. Still, there are no troubling sign of weakness, and so we should continue to presume in favor of the bulls. If this tiresome consolidation eventually develops enough thrust to reach the 934.20 pivot, there would be yet another to overcome at 938.80. This is not meant to suggest that Gold’s potential is limited; to the contrary, we should be prepared to see the futures pulverize these minor resistance points if and when bullion is ready to move. We expect this will occur when it has become quite clear that the bear rally in stocks begun in early March has run its course.
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High End Homes Won’t Evade Crash
by Rick Ackerman on May 12, 2009 12:01 am GMT · 11 comments
Will homes maintain their value best in expensive neighborhoods, where homeowners presumably are not under the gun to sell or even to make mortgage payments? I’ve argued the opposite – that in percentage terms, high-end homes are likely to fall the hardest as the nation’s real estate crash runs its course over the next 4-5 years. While it is true that the wealthy, most of whom own their homes outright, do not face jeopardy from mortgage lenders, they could find themselves on the ropes for other reasons, including the failure of a business or devastating investment losses. That could easily force the sale — for starters — of a vacation home, which would put price pressure on all of the other homes in the neighborhood. Keep in mind that prices are set at the margin and that $2 million homes in a high-end development all become $1.4 million homes overnight if just one of the homeowners is forced to sell in a hurry. » Read the full article