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COMMENTARY for Tuesday
TODAY'S ACTION for Tuesday
Rick's Picks for Tuesday
Short 1008.25, stop 1109.25. This trade is based on two Hidden Pivots that coincide not far above, respectively, at 1008.25 and 1008.50. 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. _______ UPDATE: With 50 minutes left in the session, the little S.O.B. may yet make it to the 1008.25 target. However, even though that resistance number is still valid, I wouldn’t suggest shorting there because there will not likely be enough time left to take partial profits on a pullback.
A thrust above 968.90 is still needed to refresh the bullish trend on the daily chart. However, if the futures pull back below 954.30 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 957.10 low made at 3:55 p.m. EDT, since its breach would portend more weakness to as low as 954.00. _______ UPDATE (3:03 p.m.): Mission accomplished: December Gold did what we asked of it. As for the dip below 954.30, it can be ignored because it did not create a discrete low on the daily chart. With the bullish trend thus refreshed on the daily chart, any pullback that does not dip below 927.60 will be setting up a by-now almost inevitable push to $1000.
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.
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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