January 27th, 2012
Published Daily

From the monthly archives:

February 2011

With The ‘Nank in the hot seat on Capitol Hill Wednesday, our good friend Doug – “the savviest financial advisor we know”  – called to ask whether we were seeing any signs of a paradigm shift on our charts. That would be logical, he said, since the Fed Chairman appeared to be preparing his Congressional inquisitors and the news media for nothing less than The End of Quantitative Easing. Our own reading of Mr. Bernanke’s intentions, based on news reports, was that he was preparing us for more of the same, although he did pay lip service to the idea that, at some point, the Fed would have to tighten. Dow Jones wire service paraphrased him as follows: “[Mr.] Bernanke…sought to reassure lawmakers the Fed wouldn’t allow inflation to take root in the U.S. by waiting too long to tighten monetary policy, but gave no indication he is ready to do so right now.”  Although The ‘Nank’s bloviations were much less opaque than the cryptic double-talk we used to hear from Mr. Greenspan, they didn’t provide much reason for us to think that monetary austerity is about to become an actual policy option any time soon. » Read the full article

SIH11 – March Silver (Last:30.065)

by Rick Ackerman on February 10, 2011 9:10 am GMT

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CLH11 – March Crude (Last:86.80)

by Rick Ackerman on February 10, 2011 4:30 am GMT

March Crude (CLH11) price chart with targetsA 96.88 rally target that I first proffered a while ago is still valid, even if we’ve grown tired of waiting for it to play out.  In the meantime, we shouldn’t overlook the very compelling trendline shown in the chart. It puts support today at around 85.77 on a slope that is rising a rate of about 0.075 points per day.

ESH11 – March E-Mini S&P (Last:1318.75)

by Rick Ackerman on February 10, 2011 4:13 am GMT

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USH11 – March T-Bonds (Last:117^30)

by Rick Ackerman on February 10, 2011 4:04 am GMT

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Possible Silver Opportunity

by Rick Ackerman on February 10, 2011 3:01 am GMT

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GCJ11 – April Gold (Last:1364.60)

by Rick Ackerman on February 10, 2011 12:01 am GMT

April Gold (GCJ11) price chart with targetsA by now well-advertised Hidden Pivot ar 1379.80 is still my minimum upside projection for the short term, but if it gives way easily we could be looking at 1393.80 shortly thereafter.  The price coordinates that yield the latter target are shown in the accompanying, hourly chart.

Dueling Impulse Legs

by Rick Ackerman on February 9, 2011 10:56 pm GMT

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DXY – NYBOT Dollar Index (Last:77.88)

by Rick Ackerman on February 9, 2011 10:04 am GMT

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SIH11 – March Silver (Last:30.210)

by Rick Ackerman on February 9, 2011 9:46 am GMT

Shortly before 3 a.m. EST, the futures had recouped about half of the shallow pullback that followed Tuesday’s sharp upthrust. They seemed a little timid, but in any event, a push today exceeding a 30.885 peak recorded on January 3 is needed to revitalize buyers for a challenge of a more important peak at 31.275. Once above it, the March contract would have clear sailing to 32.520, a Hidden Pivot that comes from the daily chart (where A=25.050 on November 16).