Keep in mind the 16.940 target in December Silver that was disseminated earlier. Any progress above this number would be a very bullish sign going forward, raising the bar to a maximum 18.350 over the next 10-12 weeks […] Read More
Ambitious targets given today for Goldman and Apple are intended to stretch your imagination. First things first, though: 1053.00 is a potential trouble spot for the E-Mini S&P, and that's as far ahead as we should be thinking as the week draws to a close […] Read More
Immediate upside potential is to 177.18, a Hidden Pivot target where you can go short with a stop-loss as tight as 20-30 cents. If AAPL were to shred that resistance, we could be looking at 193.67 by mid-October […] Read More
We hold four Jan 130-Oct 130 put spreads with an adjusted cost basis of 2.50. That number reflects a $360 profit we booked yesterday on a September 170 call we'd bought for $200. The gain seemed ambitious at the time -- it represented a 6300% annualized profit(!!!!!), in newsletter-speak -- but it is only after one cashes out of such a position that Goldman's _____ potential smacks one in the eye. That's where I now think the stock is headed if it closes above the 175.05 midpoint. Incidentally, the September 170 calls traded as low as 0.67 on September 2, with the stock around $159. Whoever sold them at that price must have forgotten that when Goldman shares are rampaging, they can easily climb $10 in just a few days. I won't beat myself up for suggesting that you buy just one September 170 call, but the lesson learned is that Goldman is the horse you should bet on if you think a two or three-day decline in the market is likely to be recouped.
Copper has pulled back beneath a key midpoint cited here earlier, so boarding for a ride up to as high as 3.0695 will be trickier. I'll make this catch-as-catch can for experienced pivoteers only, since I cannot stay closely enough on top of this contract to provide a camouflage for entering. The chart shows one way in which it might be attempted immediately, bottom-fishing at the c-d midpoint of a retracement pattern.
The 1053.00 target remains shortable, stop 1054.25, but because this number has been loudly drum-rolled, you shouldn't expect it to work as precisely as we have come to expect of E-Mini S&P targets derived from the hourly chart. Above 1053.00 the task of targeting becomes somewhat esoteric, but I'll suggest using 1065.75 as the next possible plateau or top.
We’ll know soon whether stocks are about to continue blithely higher, since the S&Ps are stealing up on an important Hidden Pivot target disseminated to Rick’s Picks subscribers a while back. Specifically, we projected a potentially important top in the September E-Mini S&P contract at exactly 1053.00. Yesterday, the futures got as close as 1044.00 […] Read More
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(July 18, 2016)
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