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COMMENTARY for Saturday
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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Rick’s Picks Weekend Edition
by Stephanie DeMaria on October 3, 2009 12:01 am GMT
Zazi Breathes Life into War on Terror
Americans owe a debt of thanks to Najibullah Zazi, since he has made it far more difficult for Islamic terrorists operating in the U.S. to buy the supplies they would need to make conventional bombs. Acquiring nail-polish remover and hydrogen peroxide in industrial quantities at a suburban Colorado beauty supply store, Zazi told the check-out clerk that he had many girlfriends. His thick, black beard alone should have been enough to arouse suspicions. “Oh, that? I am playing the role of Mr. Abraham Lincoln on the stage of your…
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Credit Card Noose Tightens in Deflation
When B of A spokesman Lawrence DiRita turned up on the evening news not long ago to assure listeners that his employer was willing to work on a case-by-case basis with troubled customers, we decided to call his bluff. Would DiRita, formerly a high-ranking official in the Defense Department, go to bat for the borrower whose “teaser” loan from the bank was about to shoot up overnight from 0% to 12.24%? Everyone with a credit card has been offered such a loan at one time or another, and it was once possible to initiate one at rates varying from 0% to 4%, with no additional fee for the balance transfer. Not any longer, though. Anyone unfortunate enough to have gotten caught with a large balance when the…
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22 Things to Look for When Gold Is Topping
(Gold lurched back into bullish gear yesterday, lifting the spirits of those who may have read too much into last week’s apparently gratutious decline. Before lapsing into despair whenever gold corrrects, as it is bound to do from time to time, we should consider the big picture and ask, Is this the way a top would look? Here are some of the signs we might expect to accompany a real top in bullion, courtesy of our friend Chuck Cohen. )
No sane gold bug, if there really is one, would dare to pinpoint an ultimate top both in distance and price in gold, but I believe that when it approaches, there will be definite signs to the discerning and pure of heart. The following are some of the signposts I envision as we…
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Mood Shift, Not News, Caused Stocks to Fall
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…
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