Thursday, May 17, 2012

Live, from New York…

– Posted in: Free Rick's Picks

I'm in Gotham for the spring dinner of the CMRE (Committee for Monetary Research and Education), so there should be plenty to report.  Among the speakers this year are Bob Hoye, who is the group's historian, Jim Sinclair and...Prince Michael of Lichtenstein.  Touts and commentary will be out quite late on Thursday, so stay tuned.

SIN12 – July Silver (Last:27.685)

– Posted in: Current Touts Rick's Picks

Yesterday's trampoline bounce came from within less than three cents of the 26.705 worst-case target I'd flagged, so we should regard it as fulfilled. Unfortunately, robust as the rally may seem, it has yet to achieve impulsiveness even on the lowly 15-minute chart. We'll give buyers the benefit of the doubt nonetheless as we've done in Gold, but they'll have to push the futures above the 28.155 peak labeled in the chart to earn our further favor.  Camouflageurs looking to get long at that point should infer opportunity from any 'b-c' pullback that begins from between peaks #1 and #2.

GCM12 – June Gold (Last:1550.40)

– Posted in: Current Touts Rick's Picks

The rally is suspect because it is occurring from a bottom $6 below 1532.70, the lower of two Hidden Pivot targets given here yesterday. Even so, we'll go with the flow -- will faintly celebrate the flow, even -- if buyers can push this erstwhile cinder block above 1564.40 today.  That's not asking much, but as you can see in the chart, it would create a promising impulse leg on the 180-minute  chart. The key here is that the rally be unpaused, with no 'b-c' pullback once it has exceeded peak #1.  Late-night note: shortly before 2 a.m., the futures were working on a camouflage-worthy rally that projects to 1559.00. On the 15-minute chart, the coordinates are: A=1534.00 (5/16 at 4:45 p.m.) and B=1549.30 (9:15 p.m.).  The 1551.40 midpoint has been exceeded by two ticks, which may be enough to hasten this vehicle to 1559.00. Want to learn how to do this stuff yourself? Click here for information about the upcoming Hidden Pivot Webinar on June 6-7.

ESM12 – June E-Mini S&P (Last:1330.00)

– Posted in: Current Touts Rick's Picks

There are more bottom-fishing numbers than we can use, but if I had to pick my favorite it would be 1310.00, a Hidden Pivot support inventoried here yesterday.  We can dispense with 'camouflage' on this one, simply bidding 1310.25 with a three-tick stop-loss. If the prop-desk monkeys really are monitoring these targets as Dale suggests, front-running us whenever they can, we can play it safe by canceling the trade if the futures rally more than 2.50 points from anywhere between 1310.25 and 1311.00.