The steep plunge into yesterday's close is something we haven't seen in a while -- a new, viral strain of fear that hints of a change in the the underlying psychology of the market. Even so, we continue to wait for the fat lady -- aka Goldman Sachs -- to sing before we kiss the bear rally of […] Read More
I want to reiterate the _____ target, which looks as promising as ever (see chart), notwithstanding the fright-wig plunge into the close. We took a close look during yesterday's tutorial session and saw a ripening short, presumably using out-of-the-money puts in the October series.
Bid ____ for two November 95 puts (DAVWQ), day order. That's about what they should sell for if the Diamonds trade as high as yesterday's opening price, 98.36. Stocks seemed too spooked at the close to suggest that that much of a recovery is likely, but DaBoyz will be doing their best to unload at at least somewhat higher levels, since they too were caught by surprise.
The futures dove hard yesterday afternoon after rallying moderately. The Wall Street Journal was hard-pressed to explain it, but we know better, since a purely technical target at 1074.50 that was proffered here very nearly marked the top. The decline may have jolted some traders, but in Hidden Pivot terms it achieved nothing of interest on the hourly chart. A print down at 1047.50 was needed to turn the hourly chart bearish, but panicky sellers could muster only 1055.25. As of early Wednesday evening, there were no compelling spots to try bottom-fishing. A midpoint support at 1055.75 was too close to the intraday low, although its 'd' sibling at _____ might be serviceable if you're bored enough to force the trade.
With a glower of contempt toward the bankers, gold remains easily aloft above $1000, developing thrust for the next big move. We wrote here a while back that blast-off from $1000 would follow the realization that G-20 can do nothing to restore stability to the world’s tottering financial system. Now, the question is whether anything […] Read More
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