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COMMENTARY for Friday
TODAY'S ACTION for Friday
Rick's Picks for Friday
The squiggle at 1011.80 that I mentioned appears to have worked as an “external” peak , since it closely contained rally attempts during each of the last two sessions. The price peaks thereof are sufficiently developed at this point to negate the importance (and usefulness) of our knobby benchmark, so we’ll revert to an earlier forecast that said gold would struggle to little avail for perhaps 7-10 days before attempting a push toward an important Hidden Pivot target at 1074.50. We’re about halfway through that period now.
The Hidden Pivot support at 1025.75 given here yesterday worked well, since it caught the low of a 25-point decline within 1.25 points. Now that it has been exceeded, albeit only slightly so far, we should use a Fibonacci-based support at 1020.50 as a minimum downside target. Alternatively, an upside thrust that surpasses 1035.75 would hint of a bullish turn to end the week (and quarter).
The futures blew past a 122^22 target, but there’s another at 123^09 that in retrospect looks too compelling to have been overlooked (see chart). I expect it to show tradable, and precise, stopping power; but if not, and the Hidden Pivot yields easily, the futures would be signaling more upside over the near term to 125^12, the highest number I can project without stretching my imagination.
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SIDE BETS for Friday
Bid 94.71, stop 94.66, for 200 shares. Our bid is a penny above the ‘d’ target of a sausage-y pattern, but the abc (a=99.16 on the hourly chart) is otherwise so whacky and obscure as to be mildly compelling. You’ll be on your own if the order fills. _______ UPDATE (9:13 a.m.): The Diamonds are indicating a gap-down opening this morning near 94.18, so this trade obviously won’t work. Cancel the order.
DXY appears to be consolidating above a midpoint pivot at 77.11 for a push to its ‘d’ sibling, at least: 77.73.
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Mood Shift, Not News, Caused Stocks to Fall
by Rick Ackerman on October 2, 2009 3:11 am GMT · 10 comments
Clueless commentators attributed yesterday’s stock-market selloff to weak manufacturing data and supposed fears over job numbers due out Friday. What poppycock! The pundits would have gotten closer to the truth if they had cited sunspots or unusual seismic activity at Yellowstone. Shares plummeted for the simple reason that they were ready to plummet. Think back to March, when this bear rally began. Since then, when have traders evinced » Read the full article