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COMMENTARY for Friday
TODAY'S ACTION for Monday
Rick's Picks for Monday
No session would be complete, it seems, without the obligatory Whoopee Cushion rally in the final hour. Friday gave us yet another, although it wasn’t quite strong enough to push the broad average to a positive close. Nor has there been any follow-through so far Sunday evening. The mini-indexes were trading mostly in an ultratight, two-tick range after opening a couple of points lower. It seems unlikely they will pick up the pace this evening, since they will be anticipating the closure of U.S. markets on Monday for President’s Day. In any case, there is little to recommend for night owls at the moment.
The rally in the futures is facing four closely-spaced hurdles just above: the 1098.40 prior high, the round number of 1100, a hidden pivot at 1102.40, and an “external” prior high at 1106.80. The most bullish prospect immediately in sight would be a thrust exceeding all of these resistance points without pausing for rest. However, until the first, 1098.40, is touched or surpassed, a downside target mentioned here on Friday at 1057.40 will continue to exert magnetic force. ______ UPDATE (05:54 p.m. EST): Gold traders on duty in the early morning had a chance to scalp about three dollars out of the pullback from two ticks above the 1102.40 pivot, but afterward the target was surpassed, thus completing the pattern and suggesting more upside to come. The 1057.40 downside target was negated by the rally.
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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.
A Pianist, Not Bernanke, Deserves Our Praise
by Rick Ackerman on February 12, 2010 6:41 am GMT · 30 comments
We’ve got some explaining to do, since some readers evidently took yesterday’s commentary – “A Cautious Bernanke Finally Gets It Right” — as a paean to the Fed chairman. In fact, we feel quite strongly that America and the rest of the world would be much better off if he’d renounce his role as a policymaker and return to Princeton, there to pursue the harmless, bumbling life of a tenured professor. We’ll come back to Mr. Bernanke in a moment, but let us first mention pianist Joanne Brackeen and Breath of Brazil, a brilliant jazz album released in 1991 that ranks right up there with Bill Evans’ best » Read the full article