The stock has been on a tear this week, but I’d be surprised if it’s because the cud-chewing herd has caught the bullish scent of factors cited in yesterday’s commentary. We’ll sit back for now, since the 6.76 bear market target identified in yesterday’s commentary still looks pretty compelling. If the stock impulses above the 14.97 peak recorded on November 16, though, we may have to jump in. Meanwhile, the chart shows a 14.52 rally target in prospect if its sibling midpoint at 13.59 is swept aside. _____ UPDATE (December 7, 12:40 a.m. EST): The stock has relapsed after having rallied no higher than 13.49. (Please note: The “Last Price” will always be the price of the stock at the time of the original post, or, when applicable, the last update.) _______ UPDATE (December 24, 11:58 a.m. EST): Following an idiotic, one-day short-squeeze frenzy 25% above the market, Best Buy has relapsed and is flirting with new lows. Under the circumstances, we’ll continue to wait for that fabulous buying opportunity down near 6.76. I still think the company is on the mend, but it could still take a few months before investors have their belated epiphany. ______ UPDATE (January 15 at 1:21 p.m. EST): An explosive rally begun last Friday holds great encouragement for beleaguered shareholders. The so far high of the move is 14.67, and although it would take quite a bit more than that — specifically, a push exceeding 48.83(!) — to negate the 6.76 bear-market target, the thrust so far is powerful enough to have turned the daily chart (if not yet the weekly; that would take a print at 21.61) bullishly impulsive. What this means is that, 6.76 target or not, the stock is a short- to intermediate term “buy” on any b-c pullback from 14.67 or higher. For this purpose, camouflageurs should take note of the 14.97 ‘external’ peak created on November 16.
Comments on this entry are closed.
Click here for a special deal for graduates of the Hidden Pivot Course who want to stay on the cutting edge
The consistent accuracy of Rick Ackerman’s forecasts is well known in the trading world, where his Hidden Pivot Method has achieved cult status. Rick’s proprietary trading/forecasting system is easy to learn, probably because he majored in English, not rocket science. Just one simple but powerful trick -- managing the risk of an ongoing trade with stop-losses based on ‘impulse legs’ – can be grasped in three minutes and put to profitable use immediately. Quite a few of his students will tell you that using ‘impulsive stops’ has paid for the course many times over.
Another secret Rick will share with you, “camouflage trading,” takes more time to master, but once you get the hang of it trading will never be the same. The technique entails identifying ultra-low-risk trade set-ups on, say, the one-minute bar chart, and then initiating trades in places where competition tends to be thin.
Most important of all, Rick will teach you how to develop market instincts (aka “horse sense”) by observing the markets each day from the fixed vantage point that only a rigorously disciplined trading system can provide.
The three-hour Hidden Pivot Course is offered live each month. If it’s more convenient, you can take it in recorded form at your leisure, as many times as you like. The course fee includes “live” trading sessions (as opposed to hypothetical ‘chalk-talk’) every Wednesday morning, access to hundreds of recorded hours of tutorial sessions, and access to an online library that will help you achieve black-belt mastery of Hidden Pivot trading techniques.
The next webinar will be held on Thursday, October 6. Click below to register or get more information.
This 9-minute video explains Rick's trading and forcasting method.
Rick takes requests on ACAD,GDX,CXRX,SPX,FFMGF,FNV,GCQ6,SSPXFDNCVF,TLT,VVR and AG
(July 18, 2016)
What to Expect from the Debate
Fed Will Have No Role to Play on Friday
Why Today’s Bullion Rally Is Encouraging
Kanye’s Wall Street Doppelgänger
Ready to Have Your Expectations Managed?
DaBoyz Shamelessly Keep Their Cool
Who’s More Spooked: Bulls or Bears?
A Shaky Close on Wall Street
Stock Market May Have Bigger Worries than Fed Policy
A Bear Market — or Just ‘Chop’?