Thursday, December 13, 2012

GCG13 – February Gold (Last:1700.70)

– Posted in: Current Touts Rick's Picks

Gold is getting hammered early Thursday morning, although not for any apparent reason. The raggedy bear pattern shown projects to 1675.80, but that Hidden Pivot lies too close to the November 5 low to be worth much for bottom-fishing.  Still, with the 1700.50 'p' midpoint support already breached, and the 11/5 low begging to be tested, the target makes a logical minimum downside objective for the near term. Since hysterical speculation seems likely down there, 'camo' traders will have an edge if they look for the reversal via a simple impulse leg on the two-minute chart.

SIH13 – March Silver (Last:33.010)

– Posted in: Current Touts Rick's Picks

My trading advice is to find something else to trade, since the price swings have been psychotic.  Not that that poses any particular problem for us -- only that there are more relaxing vehicles at our disposal. Two things to notice about yesterday's whoopee cushion ride: 1) if you blinked you missed it; and 2) the apex, a classic bull trap, failed by a hair to surpass a key external peak at 33.930 recorded on 12/3.  This type of action is both gratuitous and malicious, but it leaves the impression nonetheless that Silver is bound and determined at the moment to go anywhere except boldly higher.

ESZ12 – December E-Mini S&P (Last:1428.75)

– Posted in: Current Touts Free Rick's Picks

We oohed and ahhed during yesterday's tutorial session yesterday when we realized in real time that the pattern shown was just inches from a juicy 'D' target at 1437.75.   At least one subscriber shorted it, and he graciously posted my trading advice in the chat room as the pattern was ripening.  It took more than an hour of choppy, toppy action before short sellers could sit back and relax, but if you waited patiently for the pattern to generate a 'camo' entry signal on the 3-minute chart, you were rewarded with a halfway decent one at 1434.25 around 2:54 p.m.  (You can learn to do this stuff yourself, and it's easier than you think. Click here for details -- and a $50 discount coupon.)

An Important Top?

– Posted in: Free Rick's Picks

We were excited to discover a very short-able 'hidden' resistance at 1437.75 in the E-Mini S&Ps during yesterday's weekly tutorial session.  Making this epiphany even more exciting was that the actual high at 1438.75 closely coincided with the rally target we'd used to get short in the Diamonds a day earlier.  The coincident tops are likely of more than minor importance, since it took the respective trading vehicles nearly two weeks to reach them. If we've shorted a major top, it will become clearer in the days ahead.  Click here if you don't subscribe but want to join in the fun.