Today’s Rick’s Picks forecasts take the prize, hands-down, for the worst of 2009, with virtually everything that was predicted going the “wrong” way. We’ll examine some of the reasons things may have gone awry during this morning’s remedial session. Five recent grads of the Hidden Pivot webinar are registered for the interactive class.
COMMENTARY for Thursday
TODAY'S ACTION for Thursday
Rick's Picks for Thursday
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. _______ UPDATE: Stocks 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....
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A Hidden Pivot at _____ 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 _____ Wednesday night, since that's the midpoint sibling of our upside target, but please note that a prior low at _____ may impede the bid....
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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 deline breached a second prior low at _____ 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....
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INTRADAY TRADING NOTES for Thursday
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SIDE BETS for Thursday
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.
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.
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.
Rick’s Picks is a daily trading newsletter and intraday advisory packed with detailed strategies, fresh ideas and plain old horse sense.
Rick Ackerman is the editor of Rick’s Picks and a partner in 
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