Early Friday morning, on the last trading day of the year, we took a look at some favorites, including Comex gold and silver, coffee futures, the E-Mini S&P and the Junior Gold Miner ETF (GDXJ). If you missed the session, you can review the entire 75 minutes of it on this video at your leisure.
From the monthly archives:
December 2011
We shouldn’t expect much excitement on the final trading day of the year, since DaBoyz have already succeeded in manipulating stocks as high as anyone could have imagined just a few months ago. In any event, I plan to drop by the chat room and to open an impromptu Hidden Pivot session online if anything interesting is going on.
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Today’s Gold tout goes into considerable detail in describing a limited number of scenarios that could play out in the days and weeks ahead. I’ve included a straightforward chart that I would urge you to study closely as you imbibe the possibilities I’ve spelled out. If there’s a payoff for your efforts, it is likely to come in the form of your complete readiness for whatever happens as the markets transition into 2012 and the oft-volatile month of January.
Also, and for the record, I am hereby ‘decoupling’ from the largely unmodulated ideas of the bullion world’s most revered preacher, Jim Sinclair, since there is that possibility that his stratospheric predictions will prove to be wrong. I will keep an open mind as always, but from this point forward, gold will have to prove to me each step of the way and on a strictly technical basis that it is indeed going much higher before I tell you so.
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There appears to be zero buying interest at the moment, since the futures have been unable to achieve even the modest yardage needed to turn the daily chart impulsively bullish. Yesterday this weakness was evident in the failure of the futures for the second straight day to surpass the 1266.00 high recorded on December 8. Still, bullish buyers are not needed to drive the market sharply higher — only short-covering bears. The “news” that will catalyze this hysteria is impossible to predict, but until it comes we can only continue to mark time by nibbling on ‘camo’ buying opportunities as it suits us. Yesterday, however, index futures were easier to short — and so we did during the weekly tutorial session. For Wednesday night, a mixed technical picture suggests there will be action only for nimble scalpers. Despite Wednesday’s selloff, however, my outlook for overnight is no worse than neutral.
Mild weakness is present across-the-board Tuesday night, although index futures appear to be getting traction within a few ticks of a target given for the E-Mini S&Ps. I am less optimistic about gold and silver, however, and have reiterated my worst-case numbers for the latter in today’s touts.
My Predictions for 2012…
by Rick Ackerman on December 29, 2011 1:38 am GMT · 41 comments
I hadn’t intended to do a “Rick’s Picks Predictions for 2012” because I’m skeptical that anyone could get it right. So many things could go wrong next year that it’s difficult for me to imagine the world muddling through the month of February, let alone muddling along for another twelve months. Still, I’ll give it my best shot in Friday’s edition, since I’ve already skirted the topic in an interview yesterday morning with radio host Al Korelin.
It’s tempting to try to stand out from the pack, predicting things that few of my guru peers expect. However, I’ll go out on a limb with this one here and now: I expect Apple shares to be trading no higher than they are trading now, and perhaps significantly lower. See you Friday!