A 1686.00 target billboarded here earlier remains valid. Notice how Sunday night's rally is inching yet again toward the 1720.20 midpoint pivot of our correction target. It mutated from support to resistance following last week's decisive breach, and even if the futures get through it now the rally would have to hit 1739.80 to turn the hourly chart convincingly bullish. I've highlighted this number in the accompanying chart so that you can see its significance, impulsively speaking. _______ UPDATE (Tuesday, 2:05 a.m. EDT): A close above the 1720.20 pivot noted above would bring bulls back to life, but otherwise we should stay focused on the 1686.00 target as a minimum downside objective for the near term.
Monday, October 29, 2012
Betty Boop, Visionary
– Posted in: Free Rick's PicksMy gut feeling that Hurricane Sandy won't be nearly as destructive as expected is a matter of record with today's commentary. New York Exchanges will be closed nonetheless, so I've limited futures coverage to the E-Mini S&Ps and Comex Gold. I'll open up an impromptu session if there's enough interest in the chat room. In the meantime, we should recall Betty Boop's visionary statement concerning sunshine, storms, snow and such: "Weather is hot, weather is cold, but we must have weather, whether or not. Boop-boop-be-doop, boop-boop-be-doop..."
