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COMMENTARY for Friday
TODAY'S ACTION for Friday
Rick's Picks for Friday
The futures crushed a minor midpoint support at 9180, suggesting the weakness will continue down to at least 9111, its ‘D’ sibling. You can bottom-fish there with a very tight stop-loss, but my hunch is that the trade will work better if the target is hit in the first 90 minutes or so. (Note: It would be invalidated by a thrust above 9249.) Alternatively, if the futures take flight, look for the frenzy to hit 9395 before the rally stalls.
A Hidden Pivot at 979.60 is still my minimum upside expectation for the near term, but if the futures pull back before launching toward that number, they would likely find traction near 953.60, its midpoint sibling. The most bullish scenario I could imagine for today would be a close above 979.60. That would make the target at 1016.60 broached here earlier a shoe-in next week.
The futures showed surprising resilience yesterday, considering that bulls (and bears) got sandbagged on a gap-up opening. It was predictable that the bulls would fail to recover fully from the blow, since they came in all fired up on the heels of a two-day correction. However, we might have expected their losses for the day to be larger, since the reversal was so swift and punitive, coming as it did in the oprning minutes of the session, and off a fleeting high above Wednesday’s. All in all, I see latent strength here, even if the futures have to come down to a Hidden Pivot at 984.00 today – six points beneath yesterday’s low — to base for the next short-squeeze. If, instead, they hit 999.25 first, that would imply buyers are likely to carry the day — and the week — with a push to as high as 1014.25 (a Hidden Pivot).
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SIDE BETS for Friday
Threatened by a fall of the cliff, DXY seems to have summoned hidden reserves of buying power; however, it will still need to hit a minimum 78.49 today in order to “actualize” yesterday’s potential. Although the intraday high exceeded a minor Hidden Pivot resistance at 78.12, the two-cent overshoot was not sufficient to leave us with a bullish bias.
UNG slightly exceeded a Hidden Pivot at 14.12 that has been coming for a week, but it remains to be seen whether buyers will get second wind for a push to another at 14.36. If there is strength percolating beneath the surface, we should expect the steep correction begun yesterday to go no further than 13.01, a ‘midpoint’ pivot whose ‘D’ sibling lies at 12.58.
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Cramer and Abby Help Drive Bull Frenzy
by Rick Ackerman on August 7, 2009 12:01 am GMT · 11 comments
Cramer says commercial real estate has bottomed, and Abby Joseph Cohen evidently thinks we’re in a new bull market. The uncharitable thought, “Idiots!” springs to mind, but neither of these celebrated commentators lacks for brains, as we well know. Abby is simply following a how-to-succeed script that she wrote years ago and which has made her rich and powerful, to wit: Remain outrageously bullish no matter what the economy is doing, and sooner or later investors will embrace your every utterance as though it were the Sermon on the Mount. She was out-of-fashion and nowhere to be seen in the late stages » Read the full article