Monday, December 17, 2012

ECH13 – March Euro (Last:1.3167)

– Posted in: Current Touts Rick's Picks

With Europe's problems getting pushed off the front page lately by all manner of sensational news, it's not surprising to see that those running the show, most particularly the ECB, have used the lull in coverage to push the euro as high as possible.  Think of them as squirreling away nuts for the winter.  And you had better believe they're going to need every one of those nuts when the world's attention turns once again to the sordid details of deals buttressing the illusion of a stabilized Greece, Spain and Italy. Meanwhile, from a technical standpoint, we needn't even work the numbers to infer that the futures are on their way up to 134+ to test copious supply left there last spring.

GCG13 – February Gold (Last:1667.60)

– Posted in: Current Touts Rick's Picks

Considering how coy and delicate the game of toe-sies has been at the precise, 1689.00 midpoint support of the bearish pattern shown (see inset), it seems entirely likely that a decisive breach will produce a fall to at least D=1662.40. How decisive a breach?  Let's use a two-day close beneath of 1689.00 as our criterion.  Alternatively, we shall require no less than an impulsive thrust past external peaks #1 and #2 to signal a likely resurgence of bulls. ______ UPDATE (December 18 at 1:39 p.m. EST):  Don't count on much of a bounce from 1662.40, since I can practically guarantee you that the futures will fall to at least 1631.80 when that support is spent. [NOTE: THIS buy-able TARGET IS $5 ABOVE THE ONE GIVEN ORIGINALLY. THE ERROR WAS DUE TO A RECURRING PROBLEM WITH THE TRADESTATION PLATFORM.]  The larger pattern, 60m, is A=1800.00 (10/4); B=1674.70 (11/5); and C=1751.60.  The 1689.00 midpoint support of this pattern has been obliterated this morning, leaving almost NO doubt about the 1626.40 minimum downside objective.

Sunday Night Shenanigans

– Posted in: Free Rick's Picks

Index futures have gapped higher Sunday night, gold is down following a nasty head-fake, and all is wrong with the world.  The tide could always reverse by morning, but as of around 8 p.m. Eastern there was nothing in the news that would account for the buoyancy in shares.  Distribution seems to be an entrenched fact of life on Sunday nights in any case, and this night, with no horrific geopolitical headlines to impede the effort, has been no different thus far.  Check out the chart accompanying today's Feb Gold tout if you want to see exactly what would make a further fall of 4% in the gold price all-too-likely. And if you don't subscribe, click here for a free trial to Rick's Picks.

ESH13 – March E-Mini S&P (Last:1412.00)

– Posted in: Current Touts Free Rick's Picks

I'm not going to tell you that Friday's tedious price action would have been easy to trade, even using camouflage. However, when the dust finally settled, we saw that the futures had done little more than plummet precisely to a Hidden Pivot target at 1410.00 the day before; then, to end the week, pound on the support all day long without exceeding it by much. There was a perfect shorting opportunity at 1418.00 on Thursday, but I'll let you discover it by yourselves. My hunch is that Friday's breach of 1410.00 spells more weakness when trading begins anew this morning.