Monday, December 24, 2012

Happy Holiday!

– Posted in: Free Rick's Picks

Stocks are unlikely to do much during Monday's 'lame-duck' holiday session, but I've provided a tradable correction target in the E-Mini S&Ps nonetheless. I'll be taking the day off, so let me wish you a merry Christmas a day early. The weekly tutorial session will be held on Wednesday as scheduled.

GCG13 – February Gold (Last:1656.90)

– Posted in: Current Touts Rick's Picks

For now, we'll put aside a 1631.80 downside target missed on the last swoon. However, that doesn't necessarily make Feb Gold a strong bet to continue Friday's moderate rally. Notice how the intraday high failed by a couple of ticks to surpass the look-to-the-left 'external' peak at 1660.60 recorded a day earlier. This is chicken-hearted action, and it should temper our enthusiasm for jumping on the long side if the opportunity to do so is less than ideal.  Camouflageurs will not have much cover if the external peak is exceeded today, since the breakout will be just as obvious to everyone else.

ESH13 – March E-Mini S&P (Last:1420.00)

– Posted in: Current Touts Free Rick's Picks

The 5-minute chart (see inset) shows why a relapse to 1405.25 seems logical at the moment. Because this midpoint pivot lies in the middle of nowhere relative to any 'structural' supports, you can bottom-fish it with a stop-loss as tight as three ticks. Camouflage is preferred, though, and if you're planning on doing it that way, I'd suggest looking for your opportunity on the 5-minute chart  or less.  Click here to sample Rick’s Picks, the chat room, daily trading ‘touts’ and impromptu online trading sessions for free.