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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 966.50. Its provenance is shown in the accompanying chart, and either it or a lesser Hidden Pivot as 968.10 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).
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 960.50, provided this Hidden Pivot’s midpoint sibling at 954.50 is decisively exceeded before 948.25 is breached to the downside. ______ UPDATE (11:12 a.m.): With short-squeeze histrionics operating at full-strength today, we should keep in mind the 998.50 target given here earlier. That remains my minimum upside objective for the cycle begun on July 8.
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 118^14.5 by no later than Friday. That’s a midpoint resistance whose ‘D’ sibling lies at 119^22.5, 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.
In the chat room Wednesday morning, appending Ira’s analysis, I posted a 4.183 minimum objective for September NatGas. Let me mention that this roughly corresponds to a 14.23 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. ______ UPDATE (11:20 a.m.) : Nice. UNG has collapsed to 13.25 after peaking today at 14.00. In theory, longs would have been using a 10-cent stop-loss from 14.00, since only 23 cents of profit potential remained at that point.
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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.
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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