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COMMENTARY for Thursday
TODAY'S ACTION for Thursday
Rick's Picks for Thursday
Bulls should have been heartened to see gold so resilient on a day when the dollar stood firm. The payoff appears to be coming this evening, with a bullish thrust by the February futures above the day’s range. I still like 1227.90 as a minimum upside target, or perhaps 1230.00 if any higher, but we should turn cautious when that range is reached. It seems likely to show some stopping power, but if none is discernible that would sharpen the focus on the 1337.00 target given here earlier.
The 1152.75 target given here earlier is still the only game in town, but it feels as though DaBoyz will need some news to catalyze the short-squeeze that alone is capable of making the rally happen. The midpoint sibling of that number is 1110.25, and so we shouldn’t be surprised to see the futures loitering near that price for as long as it takes to muster sufficient bravado for the next leap. My hunch is that when it finally happens, perhaps starting with a gap at the opening, the move will prove to have been all but inaccessible to even the most patient bulls.
After feinting higher on the opening, Apple plummeted yesterday to within 7 cents of a 195.68 pivot where I’d suggested bottom-fishing with a tight stop-loss. The best opportunity is past, since targets work best when they are approached for the first time. However, if you bought the low on your own initiative, I’d suggest taking profits on half the position asap, then tying what remains to a stop-loss that would negate the possibility of a loss.
I didn’t hear from any subscribers who butterflied the 610 strike as I’d recommended, but it sill looks like the stock could top out near that price. Specifically, there is a Hidden Pivot target at 607.28 where we could attempt to get short with relatively little risk. I may be able to advise a price for any put options we might buy if and when the target is reached, but for now I’ll make it catch-as-catch-can, stop 607.41.
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Take any dozen good reasons for being bearish right now and they still don’t equal the bullishness of the chart shown. The undeniably compelling rally objective is 13085, a 4.8% move from current levels, and one can only surmise that the dusting the 12158 midpoint received on the last pullback (12/28) all but clinched a finishing stroke to the higher number. Moreover, it implies that bears shouldn’t get their hopes too high even if, in the next few days, the Dow plummets 324 points to retest the midpoint support. As of now, that would signal not weakness, but a screaming opportunity to get long. Hard to believe, really, but that’s what the charts say.
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Can America Ever Hope to Compete?
by Rick Ackerman on December 3, 2009 1:11 am GMT · 20 comments
If America ever escapes from the current economic morass and decides to give capitalism a try, here’s a Wall Street Journal headline that suggests what we’ll be up against: “Sharp’s New Plant Reinvents Japan Manufacturing Model”. The article goes on to describe the $11 billion investment Sharp recently made in a huge manufacturing complex designed to keep Japan competitive with China and other Pacific Rim countries in the manufacture of liquid crystal display panels. The complex covers enough land to occupy 32 baseball fields » Read the full article