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.
Monday, February 15, 2010
ESH10 – E-Mini S&P (Last:1076.25)
– Posted in: Current Touts Free Rick's PicksNo 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.
Harry’s in Charge…
– Posted in: Rick's PicksI'll be in Mexico City this week with Al Korelin and his entourage, looking at mining properties owned by Vancouver-based Aurcana Corp. In my absence, Doug "Harry" McLagan will be calling the shots, posting touts each night and updating intraday. I'll be looking in on things from time to time so that Harry won't have to fly solo for four days, and I will also try to put out a report on Aurcana while I'm gone. Have a profitable week!
