Exit the spread now for 0.50 or better, since, as I noted here earlier and in the chat room, I've seen this movie a hundred times before and the March calls are just sucker-bait at this point -- dead meat regardless of whether the broad averages rally to the moon. It was my error to have neglected to take off half the position prior to the last earnings announcement, since no conceivable news could have improved on what had already been anticipated via the stock's run-up from $19. ______ UPDATE (February 25): I'm going to record a $1300 profit on the trade, implying the spread was exited for around 0.40. Chat-roomers have in fact reported significantly better results, but this was because they acted on their own initiative to take profits before I'd advised it.
Tuesday, February 12, 2013
GCJ13 – April Gold (Last:1644.10)
– Posted in: Current Touts Free Rick's PicksThe bearish 1569.90 target here is too clear to ignore, but let's stipulate that the futures close beneath its Hidden Pivot p sibling at 1634.90 before we infer the worst. Alternatively, the futures would need to hit 1670.40 over the next few days to generate a pulse.
Shhh!
– Posted in: Free Rick's PicksTo avoid rally-target hubris, we're rigged for silent running as we monitor progress toward a potentially important Hidden Pivot objective in the E-Mini S&Ps. It's hard not to notice an already deafening, bullish drumbeat these days -- one that grew still louder yesterday with a Wall Street Journal story touting the possibility that this seemingly unstoppable bull market is the real deal. The capitulation of bears is nearly complete with their seeming embrace of the argument that, as long as the central banks are gushing easy credit, the stock market can only go up. We would beg to differ, although the obviousness of this fallacy will of course not be apparent until after the market has collapsed. Click here for a free peek behind the subscriber wall.
ESH13 – March E-Mini S&P (Last:1512.75)
– Posted in: Current Touts Rick's PicksNo change in my outlook. To avoid "rally-target hubris," I'm going to leave the target itself unmentioned today. However, it's there in the archive if you're unclear on exactly what we're shooting for. I'll also be keeping close tabs on the hourly chart to guard against the possibility of the stock market's collapsing from somewhere just below our Big Number. We'll be shorting there aggressively if and when it's reached, so make sure you've checked 'E-Mail Notifications' on your My Account page if you want to be apprised of any trading opportunities that may result in real time.
