April 19th, 2014
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Topic of the Week

Of Green Shoots and Broken Windows

by Rick Ackerman on September 23, 2009 4:12 am GMT · 6 comments

Our memory stumbles whenever we try to recall any recent sightings of “green shoots” that would support the officially promoted illusion of a U.S. economy in recovery.  Actually, this vision is more of a hallucination than an illusion, since one’s mind needs to venture beyond the pale of rationality, light years beyond the fringe of statistical evidence, to conjure up supposed signs of sustainable growth. Does “recovery” square with the reality that you, personally, see all around you?  Indeed, whatever picture the government and the news media want us to see will be unconvincing at best, since a » Read the full article


TODAY'S ACTION for Wednesday

Watch targets in Gold & Dollar Index

by Rick Ackerman on September 23, 2009 6:13 am GMT

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Rick's Picks for Wednesday
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ESZ09 – E-Mini S&P (Last:1065.75)

by Rick Ackerman on September 23, 2009 5:04 am GMT

The update to yesterday’s forecast caught the top of an entirely unremarkable session that was all noise and zero conviction.  If and when this trading vehicle breaks out, look for confirmation of a 1097.50 rally target by way of a stall at 1074.50, its midpoint sibling. Alternatively, it would take a print at 1057.25 to turn the hourly chart bearish.

GCZ09 – Comex December Gold (Last:1017.10)

by Rick Ackerman on September 23, 2009 5:20 am GMT

I’ll stick with the 1029.10 rally target flagged in yesterday’ s update, although a leisurely buy on a pullback to the 1012.70 midpoint associated with that number does not appear to be forthcoming. The print at 1029.10 would be a big deal, since, as noted here earlier, it would surpass a high at 1028.00 from July of 2008, refreshing the bullish impulse on the weekly chart.  That high is no less relevant because it occurred in thin trading, by the way. To the contrary, it is all the more legitimate as an “external” peak because it was recorded by the December futures, not by a continuous contract.

DJIA – Dow Industrial Average (Last:9830)

by Rick Ackerman on September 23, 2009 5:47 am GMT

There are no DJIA patterns that I particularly like, but the whimsical rule-breaker shown in the chart will do in a pinch. I’ve decided to legitimize it because of the oscillations around the 9290 midpoint pivot, and also because the most recent phase of bear-rally hysteria launched from a low not far beneath it.  Anyway, the bottom line is a Hidden Pivot target at 10493.  Although I wouldn’t try to go short the world at that price, I’m pretty confident about using it as the first number above 10000 where I might believe a top could form.  One thing we can be nearly certain of is that 10000 itself will show no particular stopping power.  If such an occurrence were even remotely possible, the stock market would cease to be the engaging carnival that it is.  At 10493, however, Dow 11000 would be a glimmer in bulls’ eyes — and Kudlow’s wet dream.

GOOG – Google (Last:487.20)

by Rick Ackerman on September 23, 2009 6:00 am GMT

With a rally target at 553.87, the little arse bandit hasn’t given us much in the way of Hidden Pivots to bottom-fish. Nevertheless, we can attempt it this morning if the stock pulls back to 497.19 in the first 15 minutes, bringing the December 550 calls (GOPLY) into bargain range.  You should try to buy one of them for around 9.10, using a stop-loss at 496.99.  With the stock in such a strong rally, it will probably be easier to try and enter with-the-trend on camouflage; so if you are familiar with the technique, you should try to buy the call on the first ABC rally from near 497.19. ______ UPDATEWe can return to this trade if and when GOOG shows a little more gumption, but for now, cancel the order.  

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$ESM14 – June E-Mini S&P (Last:1850.50)

by Rick Ackerman on April 17, 2014 7:52 am GMT

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$USM14 – June T-Bond (Last:134^06)

by Rick Ackerman on April 2, 2014 3:21 am GMT

We don’t pay much attention to this vehicle other than at key turning points, but the short-term pattern shown looks like a lay-up for traders who see futures contracts as no more than bouncing dots on a chart, waiting to be exploited. There are actually two trade possibilities here: 1) a ‘camouflage’ short as USM slips below the 132^13 midpoint; 2) and a very tightly stopped long from within a tick or two of the 131^17 target. Good luck!  Please report any fills in the chat room so that I can establish a tracking position for your further guidance. ______ UPDATE (3:17 p.m. ET): The short was tricky to initiate, but once aboard, your reward came quickly with a drop to a so-far low at  131^26. As noted above, the short should be covered and reversed near 131^17. ______ UPDATE (April 6, 3:57 p.m.): The low of Friday’s violent price swings was 131^21 — not quite close enough to have gotten you long easily. Although this could prove to be an important low for the short- to intermediate term, under the circumstances I’ll assume no subscribers were filled. _______ UPDATE (April 11, 1:03 a.m.): Next important stop on the way higher: 135^17.

HGK14 – May Copper (Last:2.9820)

by Rick Ackerman on March 31, 2014 12:20 am GMT

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SIDE BETS for Wednesday

SIZ09 – December Silver (Last: 17.210)

by Rick Ackerman on September 23, 2009 6:09 am GMT

December Silver appears to be consolidating above a Hidden Pivot midpoint at 17.150, and a close above it today would likely clinch a push to its ‘D’ sibling, 17.775 (or 18.155 if any higher).  Night owls could try bottom-fishing at 17.175 using a three-tick stop-loss.


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