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COMMENTARY for Monday
TODAY'S ACTION for Monday
Rick's Picks for Monday
Around 4:30 a.m., the E-Minis were in a modest short-squeeze, having recouped the seven-point loss they incurred during an earlier shakeout beneath Friday’s lows. This strongly suggests DaSleazeballs are firmly in control, presumably capable of running the futures higher at will. Despite this, I wouldn’t rely too heavily on the 930.25 rally target that pops out at the amateur pivoteer from the lesser charts.
Signs point higher, although not with much enthusiasm. For the moment, we can use a pattern discernible on the hourly chart that projects to 955.10. Its associative midpoint is 944.40, so any decisive progress above that number should be regarded as evidence of the uptrend’s vitality.
Short 119^05.5 with a stop-loss as tight as 119^07.5 if it is reached by noon. That’s my minimum upside projection for the near term, but it should show tradable stopping power. If the pullback occurs as expected, implement a 5-tick trailing stop trailing from 118^22, using 118^14 as a minimum objective. _______ UPDATE (11:25 a.m. EDT): The futures popped this morning to 119^04.5, missing our short offer by a small margin. Cancel the order.
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Take any dozen good reasons for being bearish right now and they still don’t equal the bullishness of the chart shown. The undeniably compelling rally objective is 13085, a 4.8% move from current levels, and one can only surmise that the dusting the 12158 midpoint received on the last pullback (12/28) all but clinched a finishing stroke to the higher number. Moreover, it implies that bears shouldn’t get their hopes too high even if, in the next few days, the Dow plummets 324 points to retest the midpoint support. As of now, that would signal not weakness, but a screaming opportunity to get long. Hard to believe, really, but that’s what the charts say.
INTRADAY TRADING NOTES for Monday
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SIDE BETS for Monday
Double support lies at 68.05, since that is not only a Hidden Pivot but also the location of a retracement low made last week on the way north. If the futures close beneath the support, it would imply further slippage over the near term to as low as 64.81 is likely.
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Brace for Sordid Tales of Waste
by Rick Ackerman on June 29, 2009 6:39 am GMT · 7 comments
From a friend who works in a local scientific lab comes word of the kind of economic stimulus that might have been better spent building, say, a truly world-class miniature golf course, or perhaps drilling for oil in the men’s room of the county court house. While either of these ventures might at least have created a few new jobs, the government has instead chosen to buy an MRI scanner for $1 million-plus and give it to a lab that has no budget to hire a technician to operate it. Our source notes that the lab already has an MRI » Read the full article