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
It took gold four tries on the hourly chart this week to take out the panic low at 1135.80 recorded on November 27, so we should still not be entirely impressed by this selloff. Hidden Pivot aficionados will probably come up with a 1094.30 target, using the ABC coordinates shown in the accompanying chart. That might prove to be the case, but ‘B’ is pure sausage as far as I’m concerned — indicative of a downtrend that lacks real guts. If you want to be sure, I’d suggest monitoring the lesser abc patterns on the 3-, 5-, and 15-minute charts. For bulls, the good times would begin to roll on the 3-minute with an 1140.50 print.
In the opening minutes of the session, the futures bottomed within three ticks of the 1087.00 target shown in the chart, then spent the rest of the day chopping their way to nowhere. Bears dominated at the close nonetheless, and we should therefore use a Hidden Pivot at 1078.00 as a minimum downside target once yesterday’s lows are breached. That number will remain viable as long as 1097.50 (aka, point ‘C’) is not exceeded to the upside first.
Someone in the chat room mentioned Tuesday night that GLD had a cleaner downtrend than February Gold, with no “sausage” B, so I thought I’d have a look. True enough, and if you can contrive to ignore the fact that there is no one-off ‘A’ on the hourly chart, there’s a 106.12 downside target to use – a little more than 4% below these levels. This is more or less in line with the 1094.30 target given for the futures, but it has been more clearly corroborated by the rally from 110.21, which lies just 0.04 points from the midpoint support. Bottom line: You can use 110.17 as a fail-safe point for gold over the near term. If the support is breached, it would likely spell more weakness over the near term. Alternatively, GLD would need to print 115.36 today to turn the hourly chart unambiguously bullish.
Apple has struggled at the $200 level since Halloween, although the corrective action since then has yet to produce any bearish impulse legs on the daily chart. Although the stock is not a good bellwether because it is incapable of leading the market higher, it undoubtedly exerts a bullish influence by maintaining altitude. Apple would be signaling a breakdown, however, on a print at 185.54 — just 2.3% below these levels.
Member-only content. Please Login or get a free trial of Rick's Picks to view.
Member-only content. Please Login or get a free trial of Rick's Picks to view.
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.
Hidden Pivot Webinar & Tutorials
The next Hidden Pivot Webinar will be held on Feb. 29th - Mar. 1st. 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.
Scandal Won’t Sink Tiger Woods Inc.
by Rick Ackerman on December 9, 2009 2:10 am GMT · 14 comments
That icon of rectitude, Dave Letterman, took a few cheap shots at Tiger Woods Monday night, but who doubts that the sardonic talk-show host will eagerly kiss the bottoms of Woods’s feet to get him on the show a few months from now, when the world’s greatest golfer has been cleared by his agent for the obligatory media comeback tour? Tom Hanks, a guest on Letterman’s show that night, showed some class by shooting down each of the less-than-hilarious“Top Ten Ways Tiger Can Improve His Image.” Hanks forced a raucous, fake laugh on #9 (“Change name from ‘Tiger’ to more adorable ‘Puppy’ ”); dead-panned a » Read the full article