Member-only content. Please Login or get a free trial of Rick's Picks to view.
COMMENTARY for Wednesday
TODAY'S ACTION for Wednesday
Rick's Picks for Wednesday
All of you should have noticed by now that the futures are having difficulty mustering a seemly correction after topping two days ago just three ticks from an 1113.00 rally target. This means they want to go higher, of course, and so they will. We should therefore consider the 1132.25 target given here earlier as being in play, and you can trade it however you please. Night owls looking for entree will probably need to zoom down to the one- or three-minute chart to find a pattern subtle enough to yield a low-risk entry opportunity, but please note that all external peaks have been exhausted if you were looking to board with-the-trend.
A rally target at 1174.90 is still our minimum upside objective, although it has the potential to produce an important top. Night owls looking for a way in can test the water at 1136.80, stop 1136.20, provided 1142.50 is not exceeded to the upside first. If the stop is hit and the futures go just a bit lower, exceeding 1135.40, that would turn the lesser charts decisively negative for the near term. _____ UPDATE (2:00 p.m.): My niggardly stop-loss missed the low of a terrific rally by three ticks. Meanwhile, Harry, weighing in last night in the chat room, had the right idea, since his stop at 1135.80 was protected by a prior low just above it and the round-number stubbornness of 1136.00.
Careful now, since, as you can see in the accompanying chart, GLD is very close to achieving the highest target that can be projected using the daily chart. It lies at exactly 115.10, about 2.8% above current levels, and we’ll try to short it if and when the rally gets there. Long-term bulls are advised to lighten up, since it seems highly unlikely that buyers will be able to power past the resistance on first encounter.
We’ve been using a Hidden Pivot at 18.560 as a minimum upside projection, but another at 18.535 looks just as likely to impede the rally. A close above it would all but clinch a follow-through to at least 18.560, but a close above that last number would open up a path to as high as 20.765 over the near term.
Member-only content. Please Login or get a free trial of Rick's Picks to view.
Hidden Pivot Webinar & Tutorials
The next Hidden Pivot Webinar will be held on 6/30 - 7/1. This two-day event is designed to teach you the risk-averse trading strategies Rick has taken to his seminars around the world. Once you have learned his proprietary secrets, you will approach trading and investing with enough confidence to make your own decisions without having to rely on the advice of others. For more information, or to register, click here.
How Baby Boomers Can Salvage Retirement
by Rick Ackerman on November 18, 2009 12:01 am GMT · 16 comments
Has the stock market’s meltdown wrecked the Baby Boomers’ retirement dreams? Not necessarily, provided one is prepared to spend less now and retire at 70 rather than 65. That’s the gist of the plan that my friend Doug Behnfield, has laid out below. Doug, whose back-of-the-napkin thoughts on the economy were featured here last summer, is a top-producing stock broker who has always lived well within his means. Here’s his tough-love advice:
I am going to use as a template for the Baby Boomer, someone my age (55) and in the 80th percentile of household income, which I assume to be about $150,000. Due to the real estate mania and the favoring of real estate “investment” over traditional savings, combined with home equity extraction for consumption, I am guessing that mortgage debt ($200,000) exceeds retirement savings ($100,000) leaving this household upside down by » Read the full article