October 31st, 2014
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Tepid Media Make Gold an Enticing Buy

by Rick Ackerman on September 22, 2009 2:13 am GMT · 8 comments

  

[Rick has been under the weather with a possible case of food poisoning. Filling in for him today is Chuck Cohen, a financial consultant whose work will be familiar to many of you. The following appeared at LeMetropole.com over the weekend. Chuck thinks that as long as the news media continue to stumble around in the dark in their coverage of the gold world, we should remain confident about accumulating more bullion and precious metal shares for the long haul. RA]

It took a mix of $1000 gold, the media’s reaction to it, and a very fallow day to compose this piece. As serious as the news is these days, it is still difficult not to see the absurdity in what is unfolding. Now that gold has finally pierced $1000, I had expected to find repentance and mea culpas by a news media that has persistently resisted and even mocked the gold bugs for nearly a decade. But if the news over the weekend is an indication, gold might » Read the full article


Rick's Picks for Tuesday
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ESZ09 – E-Mini S&P (Last:1060.75)

by Rick Ackerman on September 22, 2009 2:25 am GMT

Putting aside the two targets in the stratosphere that I flagged here yesterday, there’s a minor corrective one at 1052.25 that you could use for bottom-fishing with a stop-loss as tight as two ticks. Please note that it would take a print today at 1047.50 to turn the hourly chat bearish. ______ UPDATE(1061.25):  The stop-loss would need to have been at least four ticks, since the actual low occurred at 1051.50. The subsequent bounce points to 1068.25, subject to midpoint resistance at 1063.00, but neither number looks like it will be worth much for trading purposes. _______ FURTHER UPDATE (10:16 a.m.):  The futures have topped so far this morning at  1069.00, suggesting the 1068.25 pivot flagged above was not so useless as I had imagined.

USZ09 – T-Bond Futures (Last:119^04)

by Rick Ackerman on September 22, 2009 3:23 am GMT

The futures have the potential to hit 122^08 on the next thrust – a target that has been corroborated by the stall within two ticks of its sibling midpoint 120^11.  The best way to board would be to use a camouflage ‘B’ that is recorded somewhere between 120^14 and 102^16.  The opportunity will be potentially available as long as the ‘C’ low at 118^13 is not violated. Since it could come and go quickly, you’ll need to be ready, so I’d suggest setting a chart alert at 120^15.

GCZ09 – Comex December Gold (Last:1015.00)

by Rick Ackerman on September 22, 2009 3:25 am GMT

The futures failed to reach a targeted pullback low at 993.00 yesterday, suggesting that  the bounce off the actual low at 996.30 is likely to reach its ‘D’ target, 1012.10.  The futures appeared to be corroborating this scenario Monday night by pushing above the uptrend’s midpoint pivot. _______ UPDATE (10:20 a.m.):  The futures blew past 1012.10 on the first hourly bar where they encountered the resistance, implying more upside over the near term to at least the next Hidden Pivot target, 1029.10.  Its sibling midpoint at 1012.70 is a logical place for a consolidation to bottom, so buyers should take note if a pullback comes down that far. 

$+SIZ14 – December Silver (Last:15.865)

by Rick Ackerman on October 31, 2014 4:15 am GMT

More downside over the near-term to at least 15.865 (see inset) looks very likely, so traders should position from the short side. The opportunity may be past by morning, but night owls can use an entry trigger on the lesser charts (i.e., 5-minute bar or less) to get aboard. I’ve highlighted the relevant ABC pattern, which appears at the rightmost edge of the chart. ______ UPDATE (9:23 a.m. EDT): Anyone who got short as advised made a pile of money overnight without much stress.  The futures have plummeted and are currently down about 63 cents, having recorded a so-far low at 15.635 that exceeded our target by by 23 cents.

$AMZN – Amazon (Last:299.07)

by Rick Ackerman on October 31, 2014 3:58 am GMT

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$DIA – Dow Industrials ETF (Last:173.48)

by Rick Ackerman on October 29, 2014 12:03 am GMT

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$PCLN – Priceline (Last:1144.22)

by Rick Ackerman on October 29, 2014 12:02 am GMT

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$+SNIPF – Snipp Interactive (Last:0.2490)

by Rick Ackerman on October 28, 2014 2:47 am GMT

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$GCZ14 – December Gold (Last:1224.60)

by Rick Ackerman on October 23, 2014 1:56 am GMT

The failure of Tuesday’s rally to reach the modest, 1260.30 Hidden Pivot target we were using as a minimum upside objective is not exactly a sign of robust health. The target remains theoretically viable because the point ‘C’ low at 1232.00 with which it is associated is still intact. However, the hourly chart has swung bearishly impulsive as a result of the ratcheting, two-day sell-off from the recent high at 1255.60.  Short-term downside potential is to the 1232.30 target shown. If this Hidden Pivot support is easily breached, however, it would suggest more sellers are waiting in the wings. Alternatively, the futures would need to surpass 1246.30 without having first touched the 1239.30 midpoint support (see inset) to turn the hourly chart short-term bullish. _______ UPDATE (October 27, 8:01 p.m. EDT): I expect the next leg down to reach the 1216.40 Hidden Pivot support shown.  Alternatively, a print today at 1236.30 would give bulls a fighting chance. _______ UPDATE (October 29, 1:23 p.m.): 1202.10 is my new downside target — a Hidden Pivot support identified during this morning’s weekly tutorial session. _______ UPDATE: An 1125.00 target broached yesterday during my regular interview with Al Korelin should suffice to keep you out of trouble. I hadn’t imagined the futures would get halfway there overnight.

$+AAPL – Apple Computer (Last:107.34)

by Rick Ackerman on October 22, 2014 8:18 am GMT

Apple’s gap yesterday through the 100.41 midpoint resistance (see inset) strongly implies that its D sibling at 105.64 will be reached. Although a pullback to the midpoint should be treated as a belated buying opportunity, I wouldn’t suggest chasing the stock higher. That said, the four labeled peaks are tailor-made for the Hidden Pivot trader who can employ the ‘camouflage’ technique for getting long. If you understand why, you should go for it! _______ UPDATE (8:13 p.m.): The broad averages pulled Apple back down to earth yesterday when the stock tried to go opposite weakness that surfaced around mid-session. This runs flatly counter to my speculative idea that AAPL might pull the broad averages higher. That’s still possible, since yesterday’s 104.11 peak fell 53 cents of a rally target that remains valid in theory. However, we’ll eschew speculation for now and simply watch to see whether  the 102.44 Hidden Pivot support holds (see inset, a new chart). _______ UPDATE (October 23, 1:59 p.m.): Apple has rebounded sharply today, off a 102.90 correction low to a so-far high of 105.05 that’s 59 cents shy of our target. Most longs should have been exited by now. ______ UPDATE (October 27, 8:07 p.m.): Friday’s high at 105.49 came within 0.15 of the target flagged above.  Bulls can continue to hold small long positions for a swing at the fences, but I’d suggest tying your shares to a stop-loss based on a downtrending impulse leg on the 15-minute chart. Currently, that would imply stopping yourself out if an uncorrected fall touches 104.52 _______ UPDATE (October 28, 8:44 p.m.): Still long? Be alert at 107.08, a Hidden Pivot target that looks all but certain to be reached but which could stop the rally cold. You should tighten your trailing stop there in any case. ______ UPDATE (October 29, 9:25 p.m.): The rally has shredded some challenging Hidden Pivots, but let’s see if it can bully its way past the 109.07 target shown. In any case, it is my minimum upside objective for the near term.


SIDE BETS for Tuesday

DXY – Dollar index (Last: 76.54)

by Rick Ackerman on September 22, 2009 3:51 am GMT

The Dollar Index is giving off mixed signals, consolidating just below a midpoint pivot after creating a strongly bullish impulse leg yesterday on the hourly chart. If the retracement goes lower than the ‘d’ target at  76.33, the whole bullish enterprise would become suspect, notwithstanding the dog-and-pony show slated in Pittsburgh this week.

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This Just In... for Tuesday

A mining stock of interest

by Rick Ackerman on September 22, 2009 10:36 pm GMT

In the chat room, I’ve posted a note concerning an over-the-counter mining stock of interest. You can find the note at 16.22 hours.


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