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COMMENTARY for Thursday
Rick's Picks for Thursday
The daily chart shows that GCU9 is working in a downward sloping channel. I am not a big fan of channels, but it does give a pretty good visual insight as to what we are looking at. With all of this downside price action there has been no major drop in the price of gold. There is still downside pressure being applied to the daily chart, but it is in an over extended area of the chart. Price found temporary support at the midpoint of the move at _____ and is now trying to reach D at ____.
The 60in chart shows that price ws stopped at the target price, D, for the move down and has bounced off of that level. For price to start higher it would have to go through ____ and then the the first price objective would be ____. For price to restart the move down it would have to go through 903 and then the first price objective for that move would be____.
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The Mini did its tricks today. It first made the bulls happy and then the bears joined the party and danced for a while. Then came the double bottom on the 15 min. chart and the bulls jumped on the band wagon. A look at the chart will show that there is a price objective, P, at ___then another point at ___. From current highs price would have to go through ____ to start a retracement down with the first price objective at ____. The night session will give a clue as to what will happen in the morning along with some earnings reports. On the daily chart pressure is trying to turn up and apply positive movement to price.
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Right now the Indu is trying to move higher. There is upside pressure being applied to the 60 min chart, so a short term intermediate rally could happen. The daily still has downside pressure. Look for some resiatance to move higher at ____. The daily still holds ____ as support with ____ as a short cycle target...
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SIDE BETS for Thursday
September Corn is trying to find a bottom with little success. We are coming into the new-crop, old-crop scenario for the corn and wheat spread. For corn to have a chance to move higher it would have to take out $3.40 and then hold the low on a retest. A two-cent move higher from here could give a short kick but no home run.
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Rick Ackerman is the editor of Rick’s Picks and a partner in 
Why Most Investors Fall Short
by Rick Ackerman on July 9, 2009 12:01 am GMT · 1 comment
(The following commentary was written by Chuck Cohen, one of the smartest investors we know. After this three-part series ends on Monday, Chuck will be contributing to Rick’s Picks on a regular basis, focusing in particular on opportunities in junior gold stocks. RA)
When choosing a home, a car or even a vacation, most of us will research and reflect for weeks. We will gather material, discuss it with our friends and family, and eventually come to an informed decision. But when it comes to our finances we can be strangely nonchalant and careless. Instead of applying the same thorough diligence to investments, we tend either to passively follow the opinions of the mainstream media or hand over our » Read the full article