September 3rd, 2010
Published Daily
COMMENTARY for Thursday

Savor These Days of Trashy News

by Rick Ackerman on July 2, 2009 12:32 am GMT · 12 comments

We ought to savor the luxury of fleeting times such as these, when Matters of Consequence have been shoved off the front page by the sordid and the salacious. A Burmese python got loose in a Florida home yesterday, strangling a two-year-old. Should the pet’s owner, the boyfriend of the toddler’s mother, be charged with endangerment? Tune in to Larry King » Read the full article


TODAY'S ACTION for Thursday

Worst Forecasts of 2009

by Rick Ackerman on July 2, 2009 1:16 am GMT

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Rick's Picks for Thursday
$ = Actionable Advice + = Open Position
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ESU09 – E-Mini S&P (Last:918.75)

by Rick Ackerman on July 2, 2009 12:44 am GMT

Another day of gratuitous pumping, but I’ll stick with a 942.25 target, since the 925.25 midpoint sibling of that Hidden Pivot target has been impaled twice this week by bulls’ spears. I find no compelling correction target for night owls to bottom-fish, so boarding ahead of the next thrust will probably be most easily accomplished via “camouflage” on the five-minute (or  lower) chart. _______ UPDATEStocks took a drubbing, supposedly because news of 9.5% unemployment and the loss of 467,000 jobs  took investors by surprise. But which investors? Only the pathetic dimwits who are glued to CNBC all day long could have been expecting much better. In technical terms, the selloff didn’t make much of a statement, since no important lows were breached on the hourly chart.  Still, even those of us who tend to ignore the ubiquitous head-and-shoulders pattern cannot help but see the one forming in this vehicle.  If and when the neckline gives way, we’ll be looking at a plunge to 820.

GCQ09 – Comex August Gold (Last:940.80)

by Rick Ackerman on July 2, 2009 12:56 am GMT

A Hidden Pivot at 955.20 looks like a high-confidence number at this point, so we’ll use it as a minimum upside projection for the near term. Buyers should look to get in near 939.00 Wednesday night, since that’s the midpoint sibling of our upside target, but please note that a prior low at  939.60 may impede the bid. _______ UPDATE (11:46 a.m. EDT): A buy near 939.00 would have allowed an exit no better than 941.30 after dipping as low as 938.20 , so the trade was a likely loser. Further weakness overnight was pointing to as low as 922.80 if the 927.30 midpoint support associated with that number fails.

DXY – NYBOT Dollar Index (Last: 79.68)

by Rick Ackerman on July 2, 2009 1:09 am GMT

After a promising, strongly impulsive rally earlier this month, the Dollar Index has shown a worrisome inability to gain altitude. Even so, nearly a month of backsliding has yet  to breach the point ‘C” low of the bullish pattern shown in the chart. That could occur with just a little more weakness over the next day or two, and it would be even more bearish if the decline  breached a second prior low at 79.02 while it’s at it. We’ll want to keep a close eye on this one, since the condition of the dollar is a key variable in the global slide toward Depression.

$+SLW – Silver Wheaton (Last:22.06)

by Rick Ackerman on August 27, 2010 9:07 am GMT

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INTRADAY TRADING NOTES for Thursday

The U.S. Economy on a “HOLE” (Posted by Ira)

by Rick Ackerman on July 2, 2009 12:01 am GMT

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Something to Like About Gov. Sanford…

by Rick Ackerman on July 2, 2009 9:52 pm GMT · 1 comment

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SIDE BETS for Thursday

Google (Last: 418.97)

by Rick Ackerman on July 2, 2009 1:20 am GMT

This junk-hauler barely got rolling before needing a correction. It’ll need to close above 430.56 for two days before we get excited.

Apple Inc. (Last: 142.80)

by Rick Ackerman on July 2, 2009 1:24 am GMT

We’ll give Jobs the edge over Sergei and his overrated crew at Google any day. If  Apple can push above a midpoint resistance at 145.20, it should be good for a follow-through to at least 157.53.

Goldman Sachs Group (Last: 147.29)

by Rick Ackerman on July 2, 2009 1:27 am GMT

Just inches from the old recovery high at 151.25, Goldman somehow still looks less than menacing.  Once above the peak, however, the stock would become an odds-on bet to reach a minimum 153.89.


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