Index futures were glowering menacingly toward bears Sunday night, but they’ll probably need an assist from the news to start the week off with a short squeeze. A detectable amount of restraint may be in evidence due to Columbus Day, a bank holiday that is likely to keep bond markets subdued.
COMMENTARY for Sunday
TODAY'S ACTION for Monday
Rick's Picks for Monday
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SIDE BETS for Monday
The next mini-milestone on the way up is 531.16. Call options are far too pricey to buy on a mere bullish whim, however, so any attempt to catch a ride should seek out the cover of camouflage. The most logical place to look for it would be on a pullback to 505.58, the midpoint pivot associated with the target.
It looks like Apple’s next thrust may not quite get it to the promised land, since there’s a Hidden Pivot resistance at 199.90. The stock has been pussyfooting near the target’s midpoint sibling, 190.30, but if it can close above it, a run-up to within a hair of $200 would become an odds-on bet.
RIMM’s stall a couple of weeks ago occurred less than $1 from the 88.84 Hidden Pivot midpoint of the pattern shown. The implication is that if the stock pushes above that high before dipping below point ‘C’ at 63.36, it would presumably be bound for 114.31.
This Just In... for Monday
Henry Blodget, of all people, is out on Huffington writing stuff worth reading. Click here for his “Scariest Jobs Chart Ever,” which spells out some of the reasons to be skeptical about any claims of green shoots or economic recovery.
Rick’s Picks is a daily trading newsletter and intraday advisory packed with detailed strategies, fresh ideas and plain old horse sense.
Rick Ackerman is the editor of Rick’s Picks and a partner in 
Are U.S. Stocks and Gold About to Go Ballistic?
by Rick Ackerman on October 11, 2009 10:34 pm GMT · 8 comments
Are U.S. stocks and gold about to scream higher? Our good friend Chuck Cohen, a NYC-based financial consultant specializing in gold shares, thinks so. Although Chuck’s outlook is more dramatic than our own, we find his arguments quite plausible. Here he is, a bear turned unapologetically bullish, with some advice for investors — especially those who have been dithering over taking the plunge in mining stocks:
Since I have felt that the markets of the world are at a very important junction, I wanted to put out my revised views that connect with the near-term price of gold. With the stock market’s powerful, seven-month-old recovery closing on DOW 10,000, and gold bursting through $1000, many investors are anxiously wondering what’s next. Most seem to be very wary. I was a bear myself until a few weeks ago but recently reversed this stance. Yes, I know, there’s nothing more bearish than when bears start turning bullish. And I am » Read the full article