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COMMENTARY for Friday
Rick's Picks for Friday
Price has found support at the ____ level and is currently trying to move higher on the daily chart. If that level is broken you would be looking for ___ and then ___ as price objectives. For price to make a move higher on the daily chart price would have to go through ___ and then you could look for the 966 level.
The price on the 15 minuter chart reached the ___ price objective noted in the chat room during the day. The ___ level indicated in yeaterday's post was hit early. Each price objective first acts as resistance and then acts as support. When a price objective is reached you should look at your indicators and see if it is telling you that the move is over. If so, exit the trade and look for the next trade. Right now there is downside pressure being applied to this chart and the price objective for the down move is ___. Look for some support at the ___ level. ...
The daily chart has downside pressure being applied to price and the entry price for a move lower would be ____with P at ___. The upward price action was stopped by PO2 at ___. The up move isn't voided yet and the second price objective would be ____.
The 15 min. chart looks a little better. Pressure is trying to turn up and apply upward pressure on price. The ____ area offered resistance and on this move higher ____ and ____ could be stumbling blocks. _____should offer temporary support. If that level is broken then look for ____ for your next stop....
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INTRADAY TRADING NOTES for Friday
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SIDE BETS for Friday
There may be a short term turn coming in the grains if soy is an example. Price is oscillating around the 10.30 level and the downside possibility would be 9.72. If 10.93 is hit you could get some real fireworks. (IT)
The dollar doesn’t look very good here. Selling is forcing it lower after finding temporary support at the 79 level. If 80 is hit on this move, look for support at 79.60, and if that level is broken 79 could be next. (IT)
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Rick Ackerman is the editor of Rick’s Picks and a partner in 
Why Does Gold Get No Respect?
by Rick Ackerman on July 10, 2009 12:01 am GMT · 21 comments
(The following is the second part of a series of articles by Chuck Cohen, one of the smartest investors we know. After the series concludes on Monday with ”Gold as Insurance,” Chuck will be contributing to Rick’s Picks on a regular basis, focusing in particular on opportunities in junior gold stocks. RA)
Even after the recent rally, the stock market is still down about 35% since 2000, while the price of gold has risen almost 400%. It seems logical, at least to me, to expect investors to have become a little intrigued towards gold. But strangely, that hasn’t been the case. Inexplicably, the long-term view towards stocks remains remarkably upbeat, as though the alarming problems of the past two years have vanished. Just look up the very recent Barron’s “Big Money Poll,” or read the comments of the same economists who never » Read the full article