Downside to at least 479.62 appears likely, although any further slippage would augur 470.18. These Hidden Pivot supports are, respectively, the ‘p’ midpoint of the large pattern shown, and the ‘D’ target of the smaller one, and they are probably the best that bulls can hope for over the near term.
From the monthly archives:
October 2011
The recovery in the second half of yesterday’s session stalled at the 1214.50 midpoint resistance of the pattern shown, but if it gives way, look for a follow-through to at least 1236.00, its ‘D’ sibling. Since Euro-angst remained unmitigated yesterday afternoon, we should probably allow for a negative outcome as well. If it comes, the first place we might look for a turn would be around 1180.75. That’s a Hidden Pivot support, but I don’t recommend using it for bottom-fishing (other than via camouflage), since it coincides with some structural supports created last week. _______ UPDATE (12:18 p.m. EDT): A powerful rally sent the futures soaring 25 points today — to a 1235.75 high just a single tick from the target I’d proffered. I hadn’t explicitly advised a short there, but I hope you were able to make some hay either coming or going.
In case you missed this morning’s live webinar, embedded below is the recorded version. Several hundred traders stopped by for the session, during which we identified a number of promising trading opportunities. Thank to everyone for making the event a success.
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I’ve avoided sugar-coating today’s touts for Gold and Silver, since I wanted to acknowledge Doug ‘Harry’ McLagan’s early assessment that a nasty finishing stroke to the bear cycle begun in late September seems likely before bulls can return to good health.
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We took a close look at this vehicle during yesterday’s tutorial session, applying 20-20 hindsight to the task of uncovering a trading opportunity, any trading opportunity. Just such a one materialized in the wee hours Tuesday, shortly after the futures bottomed to initiate the buying spree that was to occur later in the day. But even in retrospect, the optimal entry point was not easy to find, nor did the first such opportunity produce the effortless cruise to Tuesday’s top that we would have been seeking. We’ll use the magnifying glass again during Thursday’s Hidden Pivot demo at 9 a.m. EDT (click here to reserve a front row seat), but I’d be lying if I said there’s a trade you can try Wednesday night that is guaranteed to drop easy money into your lap.
What Happens When Greek ‘Austerity’ Fails?
by Rick Ackerman on October 21, 2011 12:52 am GMT · 41 comments
Eerie, isn’t it, watching the U.S. stock market dog-tail the headlines stirred up by Europe’s never-ending financial crisis. The mainstream media would have us believe that whatever U.S. stocks do on a given day can be attributed to the latest news concerning Greece. In fact, the world’s newsrooms are sinking deeper and deeper into hallucination, since nothing has occurred to alter Greece’s inevitable slide toward default. Halfway into yesterday’s NYSE session, the financial headlines at Google news were telling us that stocks had fallen because of supposed uncertainties over Greece. An hour later, when stocks rallied to end the day slightly higher, we learned that the “zigzagging” price action had been caused by a series of “conflicting headlines” concerning European debt. Merkel and Sarkozy were not to blame for this, either, since all they did was issue a joint statement that EU leaders would have a bailout plan for Greece in place by Wednesday. » Read the full article