If I had to pick and choose from among the rally targets given for the broad indices lately, I’d tout the 9158 target in the Dow Industrials as the one to trust. Even so, a print below 8754 this week would turn me bearish. The blue chip average settled yesterday at 8881, off an intraday high of 8950.
COMMENTARY for Thursday
TODAY'S ACTION for Thursday
Rick's Picks for Thursday
Perhaps it is merely boredom that is inspiring new rally targets each day, but the one that caught my eye Wednesday evening is _____. Its provenance is shown in the accompanying chart, and either it or a lesser Hidden Pivot as _____ looks likely to contain the next thrust. The lower number is now my minimum upside objective for the near term, but either target can be shorted by scalpers with a stop-loss as tight as four ticks (0.40)....
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Much of the chop-and-slop of the last two days has taken place above June's highs, so it is logical for us to infer that this is consolidation for another upthrust. We're better off spectating nonetheless, even if the lesser charts are capable of providing a bit of camouflage for the nimble day trader. As of early Wednesday evening, a minor set-up promised to deliver _____, provided this Hidden Pivot's midpoint sibling at _____ is surpassed before _____ is breached to the downside....
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Is this rally about to deliver on the promise of the strong trend begun in mid-June? If so we should see the futures settle above _____ by no later than Friday. That's a midpoint resistance whose 'D' sibling lies at _____, and although it has been slightly exceeded intraday (by two ticks), a more conclusive breach is needed to clinch the bullish case for the near term. ...
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In the chat room Wednesday morning, appending Ira's analysis, I posted a _____ minimum objective for September NatGas. Let me mention that this roughly corresponds to a _____ target in this vehicle. That's a Hidden Pivot, and it would be a bullish sign for at least the near term if it is exceeded without much of a fight. ...
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SIDE BETS for Thursday
The futures look imminently bound for at least 13.915, a Hidden Pivot target that is analogous to the one trumpeted in today’s Gold tout.
I am no longer recommending a short from 159.88, since, if Apple is consolidating from its recent push to 158.73, it will likely better the target on the next thrust. The target itself remains viable, however.
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 
Even in Boulder, the News Is Lurid
by Rick Ackerman on July 23, 2009 12:12 am GMT · 3 comments
With the dog days of summer fast approaching, we wondered whether every small-town newspaper in America is entertaining readers these days with the same sort of lurid stories that fill the Boulder (Colorado) Camera. Boulder is not exactly the kind of place where you’d expect to find luridness in newsworthy quantities. Half the people who live here are trust-fund babies who, one would surmise, spend their days hiking the local trails, writing » Read the full article