The E-Mini S&Ps have been struggling too hard to cover the last few inches to a rally target flagged here a few days ago, so perhaps stocks need to rest for the remainder of the week before they renew their until-now tireless assault on shorts.
COMMENTARY for Thursday
TODAY'S ACTION for Thursday
Rick's Picks for Thursday
We were looking to get short at 95.61, but let's lower our sights for now to a lesser Hidden Pivot at ____. Buy two September ____ puts, which should be trading for around _____. You can use a limit order at that price if you'd prefer to park the order with your broker, but be sure to stop yourself out if the underlying stock touches _____....
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There's a midpoint support at _____ that night owls can use to bottom-fish, but I'd risk no more than three ticks on this, bidding ____, stop _____. If the stop is hit, that would be telegraphing more weakness down to as low as _____ over the very near-term. Although the 1008.25 rally target is still valid in theory, its potential usefulness has been invalidated by tedium....
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Yesterday's gratuitous ups and downs left the Dow a little less than 200 points shy of the 9476 target we've been held in mind. More immediately, there's a lesser resistance at ____ that we can use to gauge the strength of any uptrend that develops today, and another at ____ if the first number is breached by more than 3-4 points. Alternatively, the Indoos would need to drop below _____ today to turn the hourly chart bullish....
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The Dollar Index seems reluctant to fall the last few inches to a _____ target given here earlier. If, instead, DXY were to surge above _____ first, that would be the likely start of a major bear rally. More immediately, it would take a pop above ____ today to put bulls back in charge of the minor trend.
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SIDE BETS for Thursday
My minimum downside target over the near term is 115^14.5, but the usefulness of this Hidden Pivot for bottom-fishing has been compromised by its close prximity to an intraday low made a week ago. Alternativly, a 116^19 print overnight or in the early going Thursday would turn the lesser charts quite bullish.
Apple is stealing up on a 170.55 rally target that could show some stopping power. Long-term longs should pay heed, and traders can short there with a stop-loss as tight as 15 cents.
Expect the next thrust to take the futures up to a tradable top at 1.4192, a Hidden Pivot that references 1.3416 (May 17) as an ‘A’ low on the hourly chart.
A Hidden Pivot at 3.1354 that comes from the weekly chart is as high as I can project for now. It is a Hidden Pivot, and it’s shortable.
My minimum upside projection for the near term is 979.00, but the futures could pull back as far as 953.60 to get some running room. Above the target, at 1016.60, is a Hidden Pivot of greater degree mentioned here earlier.
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Rick Ackerman is the editor of Rick’s Picks and a partner in 
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Options Shrink Risk in Silver Wheaton
by Rick Ackerman on August 6, 2009 12:01 am GMT · 1 comment
Because our immediate outlook for silver turned very bullish recently, we took steps yesterday to protect profits in a key precious-metals stock that we hold, Silver Wheaton (SLW). It was four months ago, in early April, that we advised subscribers to stake out a small position, buying four September 10 calls for 0.69 with the stock trading around $8. Silver Wheaton subsequently moved sharply higher and is currently trading for around $10.24. The call options rose in value commensurately and were quoted yesterday at » Read the full article