My next updates will be out by Monday morning, but today we’ll look at the markets in real time as they head down the home stretch for 2011.
From the monthly archives:
December 2011
My very best wishes to you on this day of joyous celebration for Christians and Jews. May the festival lights of Chanukah and the Nativity Star shine brightly upon all the world…
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Shorting gold and silver via camouflage will take some getting used to, but we may as well try to make hay as long as weakness is the prevailing mood. A subtle opportunity in Silver was developing late Wednesday night, and so I’ve sketched it out hypothetically. If it doesn’t pan out you could also try bottom-fishing in the same vehicle at a downside Hidden Pivot I’ve provided.) _______ UPDATE (2:27 a.m. EST): Overnight, our respective bids in Comex Gold and Comex Silver missed buyable bottoms by a total of four ticks. Fortunately, there will always be other opportunities.
A bottom-fishing setup similar to the one I’ve featured in today’s gold tout is where night owls should look for action. The ‘p’ midpoint where you can attempt it lies at 29.045, and you may use either camouflage, or more dangerously a three-tick stop-loss. The futures would be signaling further distress over the near-term down to as low as 28.505 if the midpoint support is easily breached. If you’d prefer trying to short this vehicle, the 15-minute chart holds some enticing possibilities. Check out the inset if you want to see a subtle one that was developing shortly before 10 p.m. EST. _______ UPDATE (1:59 a.m. EST): The midpoint bounce we were expecting came at 10:00 p.m. from a single tick above the 29.045 pivot, so officially –and by a hair — we did nothing. The 15-cent rally that ensued would have more than covered the three-tick stop-loss, but it was not to be. The futures subsequently relapsed to a so-far low tonight of 29.010, but there was no reason to have looked for ‘camo’ opportunities, since that number is Nowheresville relative to the 28.785 ‘D’ target tied to the one-off ‘A’ shown (though not labeled) in the chart.
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Gold and Silver futures are in uptrends Tuesday night that could generate opportune ‘buy’ signals. To assist you in getting aboard with as little risk as possible, I’ve sketched out detailed scenarios that show how these trends might be traded.
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Holiday Greetings!
by Rick Ackerman on December 25, 2011 8:45 am GMT · 1 comment
My very best wishes to you all on this day of joyous celebration for Christians and Jews. May the festival lights of Chanukah and the Nativity Star shine brightly upon all the world.