The Dow Industrial Average needs to catch fire today or tomorrow, since any further drift south will squander a rally target at 9003 that should have been easy pickings on the last leg up. That one topped at 8876, and if the Indoos, currently trading for 8447, were fall to 8098 before exceeding 8876, it would be warning bulls to reef the sails.
COMMENTARY for Wednesday
TODAY'S ACTION for Wednesday
Rick's Picks for Wednesday
Dueling impulse legs left a slightly bullish bias Tuesday night that had the potential to reach _____ in the early going Wednesday. It would take a bit more than that, though -- specifically, a print at ____ -- to alleviate the prospect of boredom by refreshing the bullish trend on the hourly chart. If I have underestimated short-squeeze power that may still be lurking, keep in mind that the futures could conceivably hit _____ in a pre-holiday surge....
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There's a midpoint support at ____ that we can bottom-fish with a _____ bid for 200 shares, stop ____. If the stop is hit, look for the selling to continue to ____. If the stock gets within three cents of that price, buy four August 12 calls (SLVHL), good through Monday. If you want to park a limit order with your broker, a price of _____ for the calls would be a decent buy. I've included a snapshot of an option calculator that shows how I estimated fair value for the August 12s with the underlying shares trading around _____....
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A midpoint support at _____ is equivalent to the one I've flagged in SLV, but if you bottom-fish there a stop-loss no wider than 0.40 is advised. A downside breach would imply more selling to come and, presumably, a test of the _____ low recorded on June 22. Alternatively, the futures would need to touch _____ to negate the targets, and ____ to turn the lesser charts (i.e., 15-minute and lower) unambiguously bullish. ...
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SIDE BETS for Wednesday
A midpoint resistance at 430.56 should magnetically draw the stock higher, but GOOG will need to close above it for two consecutive days to make a test of early June’s high near 447 an odds-on bet.
A midpoint support at 13.405 is my minimum downside objective for the near term, but any lower would hint of more weakness to as low as 13.115.
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Rick Ackerman is the editor of Rick’s Picks and a partner in 
Don’t Be Fooled by Gold’s Tired Look
by Rick Ackerman on July 1, 2009 1:42 am GMT · 3 comments
Gold futures eased lower yesterday, apparently too tired for the time being to continue treading water. The Comex August contract settled at 927.40, down a little more than one percent on the day. If you’re a long-term investor looking to do some bargain-hunting, however, we’d advise waiting for even better prices, since it looks as though the futures » Read the full article