Tonight’s midnight briefing at 12:01 a.m. EDT will be geared toward finding a profitable E-Mini trade for night owls, even if markets are thin. This condition has its advantages, as I hope to demonstrate. If you’re not signed up already but would like to attend, there’s a link near the end of today’s commentary.
COMMENTARY for Tuesday
TODAY'S ACTION for Tuesday
Rick's Picks for Tuesday
Short _____, stop _____. This trade is based on two Hidden Pivots that coincide not far above, respectively, at _____ and ______. The recommendation would be featured as a Pick of the Day but for the fact that it may attract interest in night markets that are too thin for comfort. If the expected pullback from the target hits 1005.25, you'll be on your own....
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A thrust above _____ is still needed to refresh the bullish trend on the daily chart. However, if the futures pull back below _____today, that would imply they are not ready for a surge past 1000 in August. Night owls should look for a re-test of the _____ low made at 3:55 p.m. EDT, since its breach would portend more weakness to as low as _____....
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The Diamonds looked bound for at least 93.65 over the very near term when the clock ran out yesterday, so this vehicle is probably best traded from the long side if it doesn't gap too ferociously above yesterday's highs near 93. The benefit of camouflage seems unlikely, but my hunch is that a straight point 'X' entry on the very lesser charts will work if it is the first such opportunity of the day....
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SIDE BETS for Tuesday
The Dollar Index will have a chance to turn from 77.07, a Hidden Pivot support, but even a bounce from that number would not negate an even lower, more important, target at 76.59 given here earlier.
A Hidden Pivot target at 14.36 is as high as I can project using the daily chart, so any progress above it, even a few pennies, would hint of more strength to come.
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 
Bear Rally Looks Eager to Recharge
by Rick Ackerman on August 4, 2009 12:01 am GMT · 1 comment
The S&P 500 Index played footsies with the 1000 barrier yesterday, but bears looking eagerly for a major top shouldn’t rely too heavily on the stopping power of this benchmark. One reason is that Dow 10,000, a marquee number with greater importance, is still 700 points away. We should also mention that at yesterday’s closing price of 9286, the Indoos lay almost 200 points shy of a 9476 target that we flagged a while back as a minimum rally objective. There is also Goldman Sachs, a favorite bellwether of ours that we’ve been » Read the full article