The 879.75 downside target given here yesterday is still valid, although I prefer the lower Hidden Pivot at 869.50 given in today’s commentary as as place to try bottom-fishing. An 868.75 stop-loss is suggested. Alternatively, the futures would need to pop to 898.25 to turn the lesser charts bullish.
From the monthly archives:
June 2009
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RIMM’s sharp decline from just above 86 looks like it could go all the way to 69.13 before the stock finds traction.
Save some ammo, since Microcrap looks like it will be a good short if it makes it up to 25.34 a Hidden Pivot. We have a small, losing put position from way back when, but re-shorting the stock at the target looks like a promising way to recoup the loss.
A move above Friday’s 420.46 high would be bullish for the near term, since that number fell within 0.15 of a Hidden Pivot rally target visible on the intraday charts.
Friday’s failure to push above a small peak at 115^03 recorded on the way down a day earlier suggests weakness over the near term, although a pop today exceeding 115^20 would turn the minor trend back to bullish. Short 114^14.5 with a very tight stop-loss if the opportunity arises. Correction: Sorry for the untradable misprint, for it was a short at 115^14.5 that I’d intended.
A dip to 68.65 today, or tomorrow at the latest, should be viewed as a bottom-fishing opportunity.
Silver looks quite vulnerable, having recently created a bearish impulse leg of daily-chart degree. A fall into the high $12s is indicated for the near term, although a bounce from conventional support near 13.630 could slow or even reverse the decline.
All signs point moderately lower over the near-term, but there are too many Hidden Pivot supports to choose from to make for compelling bottom-fishing opportunities. If forced to choose the most attractive of the lot, I’d say 911.30. We’ll make that our minimum downside objective for now, subject to negation by a rally today exceeding 945.00. That would be the most promising sign we’ve seen on the hourly chart in more than two weeks.
Shorts Back Away, Letting Stocks Fall
by Rick Ackerman on June 23, 2009 1:01 am GMT · 2 comments
A few more days like yesterday, and bears could be pardoned for feeling a little cocky. By simply keeping their cool Sunday night, they left DaBoyz with precious little buying power when stocks began to trade Monday morning. The result was a 200-point decline to start the week. That’s even worse than last Monday’s step-step-stumble out of the gate, which primed the Dow Industrials for a 187-point decline that day. The mood on Wall Street has definitely changed, and nowhere is this more evident than in the failure of the world-class » Read the full article