In after-hours activity, the futures traded 3.5 cents above the 27.850 midpoint resistance shown in the chart, shortening the odds of a finishing stroke soon to its 'D' sibling at 28.625. If you're look for a way to get aboard, I suggest using camouflage opportunities on the 5-minute chart. The very appealing one shown in the inset will give you an idea of how subtle the pattern that you'll be looking for should be. _______ UPDATE (9:47 a.m. ET): Silver reversed overnight weakness this morning, but not with sufficient gusto that we should expect much more today than the 27.885 high already achieved. Even so, the 30.385 target noted above remains very viable, and I've encouraged traders to get long if it looks like the December contract will settle above the 27.685 midpoint HP resistance with which the higher target is associated.
Tuesday, November 23, 2010
Join me Tuesday morning…
– Posted in: Rick's PicksJoin me 20 minutes before the NYSE opening Tuesday morning for an unadvertised briefing on gold, silver and index futures. We'll be looking for timely trading opportunities. I'll post information in the chat room on how to access the session, which will be open to all. It will be followed by a Q&A session on the Hidden Pivot Method.
GCZ10 – December Gold (Last:1361.80)
– Posted in: Current Touts Free Rick's PicksWith just a little extra push, the futures slightly surpassed the bullish rally target at 1366.10 that I disseminated late last night, creating a fresh impulse leg on the hourly chart in the process. The implication is that buyers are about to take the futures up to at least 1371.70, the Hidden Pivot target of the pattern shown in the chart. If you're looking for a place to board -- presumably via camouflage -- the most logical spot to try would be near 1359.80, the c-d midpoint pivot of the rally under way. _______ UPDATE (9:52 a.m. ET): Gold has achieved the target and then some, topping so far today at 1373.30. It will take a bit more than that, however -- specifically, a 1376.70 print before noon -- to refresh the bullish impulse on the hourly chart. Otherwise, look for backing and filling and an unexciting rest-of-the-day.
ESZ10 – E-Mini S&P (Last:1184.75)
– Posted in: Current Touts Free Rick's PicksWith the Dow down 150 points in the early going yesterday, bears might have imagined they had the bad guys on the run. Alas, a brisk torrent of OPM came rushing back into shares, inflating them like a shot of propane lifting a hot-air balloon. All of the manufactured excitement didn't leave much for us in the way of opportunity, but if you're looking for action, I'll suggest trying the bottom-fishing gambit shown in the chart. I won't mention the Hidden Pivot itself in this tout so that it can be an "unadvertised special." _______ UPDATE (8:59 a.m. ET): The futures took a 3-point bounce from 1186.00, so the trade was hypothetically a winner, although not a big one. The futures subsequently dipped to 1185.00, and although a 7-point rally ensued, the damage had already been done, signaling the weakness that has followed. It yields an 1175.25 target, which you can bottom-fish with a stop-loss as tight as two ticks.
