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COMMENTARY for Friday
TODAY'S ACTION for Friday
Rick's Picks for Friday
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You know the drill by now: a push to at least 1222.90 is needed to suggest that bulls are doing more than merely breathing. In the meantime, the 1162.30 correction target is sill viable. Night owls can look for bull camouflage in the pattern shown. If it develops as such, affording an opportunity to get long at ‘X’, no more than a few ticks should be risked, and partial profits should be taken at ‘p’ if the position contains more than a single contract. _______ UPDATE (11:57 a.m. EDT): The trade shown in the chart triggered, but the ensuing rally died at the Hidden Pivot midpoint. The trade therefore would have been a small winner, or a scratch at worst, but it wasn’t until the futures had noodled around for another six hours that they took off in earnest, rallying $20 from the evening/overnight lows. This took them as high today as 1214.10 — not quite sufficient yet to celebrate.
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This Just In... for Friday
No sooner had we finished reading a breathless note from our friend Chuck Cohen — “Major, MAJOR bottom here” — than we received an e-mail from Jonathan Auerbach at Auerbach & Grayson saying more or less the same thing. Each notes that bullish sentiment as recorded by AAII, a contrary indicator, is about as low as it gets. While I greatly respect both of these guys, and although I think stocks are going higher over the near term, I remain skeptical that we are witnessing the start of a major bear rally. To access the A&G report — a fascinating read, as always – click here. I will post Chuck’s essay as commentary over the weekend.
Hidden Pivot Webinar & Tutorials
The next Hidden Pivot Webinar will be held on 6/30 - 7/1. 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.
Stocks Defy Gravity by Playing Catch-Up
by Rick Ackerman on July 9, 2010 3:44 am GMT · 16 comments
Stocks extended their rally for a third consecutive day, with computer-driven buying accounting for nearly all of the gains. How do we know this? Why, we read it in the Wall Street Journal: “This is a big vacation week,” noted one equity-desk veteran,” but the computers and servers are still cranking them out.” We assume that “cranking them out” means generating buy and sell orders irrespective of human participation or volition. Sort of like what happens when the Ferris wheel operator disappears for 15 minutes with a flask and a gal in a polka-dot dress. The Journal cited another catalyst as well: a frenzy of trading in the final 30 minutes by exchange-traded funds » Read the full article