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COMMENTARY for Tuesday
TODAY'S ACTION for Tuesday
Rick's Picks for Tuesday
A major trendline and two notable Hidden Pivots come in around $1090, so we’ll just have to cross our fingers. Gold is obviously a speculative buy here, but the chart leaves no doubt that a decisive breach would grease the skids down to as low as 1028. That was the point of departure for the powerful rally begun just before Halloween, and it is a logical downside target in the event of a breakdown. Traders looking for a camouflage opportunity to get long should focus on the three- and five-minute charts all the way down to 1086, since a false breakdown could conceivably need that much space to panic nervous traders. (Late note: a midpoint support at 1093.30 must hold Monday night if a bullish turn is coming. This appears unlikely at the moment.)
Yesterday’s gap-up opening pointedly took out a midpoint resistance at 1104.50, all but guaranteeing a follow-through to the Hidden Pivot’s ‘D’ sibling at 1120.25. It can serve as our minimum upside objective for the near-term, but boarding the uptrend will have to be catch-as-catch-can, since the opportunity may be past by dawn. If you miss the ride, shorts from 1120.25 are encouraged, stopped as tight as you can handle.
A Hidden Pivot rally target at 78.35 should show some stopping power, but if DXY gets past it, look for the buying spree to continue to at least 78.72. A move to the latter number would imply that February Gold is likely to find only fleeting support at 1090.
Yesterday’s low missed a 416.43 target by less than half-a-point, but this will have bullish implications only if HUI now reverses and hits 459.43. A close below 416.43 would open a path to as low as 390.91 over the near term, but there would be a last-ditch opportunity to turn from 415.39, the midpoint pivot of the pattern shown in the chart.
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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.
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.
Is Greece Too Corrupt to Be Bailed Out?
by Rick Ackerman on December 22, 2009 5:13 am GMT · 15 comments
The recent collapse of bond markets in Greece threatens the very stability of the European Union. Although there is talk of a bailout, the country may be too corrupt for a rescue attempt to do much good. How bad is it? The answer to that question is startling, as the following report makes clear. It is from a Rick’s Picks subscriber who lives in Greece and believes the country’s economic potential is being squandered by a political spoils system that deeply permeates the business culture at all levels. He writes as follows:
“Greece is a beautiful, mountainous country with diverse natural scenery. Geographically, it occupies the majority area of the ancient Hellenic world at the southern part of the Balkan peninsula and the eastern part of the European community. It has a land area of 130,800 square kilometers. Its coastline extends for 13,676 kilometers, with 227 inhabited islands that rest on a sea of amazing clarity. Historical monuments abound, making the land a virtual museum and attracting millions of tourists every year. It has a » Read the full article