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COMMENTARY for Monday
TODAY'S ACTION for Monday
Rick's Picks for Monday
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The next upthrust has the potential to reach 131^05, so we should look diligently for ways to buy this minor correction. I’ll recommend a 126^08 bid, stop 126^04, but you should be on the lookout for camouflage opportunities arising from any minor ABC rally, since it’s possible the futures won’t retrace all the way down to the Hidden Pivot support at 126^07. As of around 9:30 p.m. Sunday night, the three-minute chart looked like the best place to scout for the turn. _______ UPDATE (10:45 a.m. EDT): The futures dove sharply to a low at 126^11, three ticks from our bid, before bouncing robustly. Cancel the order, since our odds will never be quite as good when we settle for sloppy seconds. The original target remains theoretically valid nonetheless. For the record, there was a camouflage entry signal at 126^17 around 10:06 a.m. EDT that would have gotten you long for a very short ride to as high as 126^26.
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This Just In... for Monday
Over at James Howard Kunstler’s sensational blog, Clusterfuck Nation, there’s a well-reasoned argument that “this recession, or whatever you want to call it,” is actually a “compressive deflationary contraction” — i.e., “an accelerating systemic collapse of activity due to over-investments in hyper-complexity.” Read the complete essay by clicking here.
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.
Don’t Expect Apple to Drag Stocks Higher
by Rick Ackerman on July 26, 2010 2:54 am GMT · 10 comments
It’s not your imagination — even ostensibly “exciting” stocks have been screwing the pooch since spring. Apple, for one. In recent weeks, it has been one of DaBoyz’ favorite con-jobs because of a signal-reception problem in the iPhone4. When news reports concerning the product’s poorly designed antenna maxed out a little more than a week ago, it looked like a major corporate blunder. We don’t mean the kind of blunder that would ultimately affect the bottom line more than a jiggle or a jot; rather, the story provided a perfect excuse for institutional buyers to shake the stock down so that they could steal it at fire-sale prices from widows and orphans. The last time AAPL was manipulated in this way, it was a riskier bet, since the story that was used to move the stock up and down concerned Steve Jobs’ health. Reports of his battle with a rare form of pancreatic cancer first » Read the full article