Thursday, May 16, 2013

CDM13 – June Loonie (Last:0.9810)

– Posted in: Current Touts Rick's Picks

Yesterday's low was a dead-center bullseye relative to the 0.9775 correction target (see inset).  The bounce thus far has been less than robust, and so we should expect more slippage toward April's key low at 0.9690. Alternatively, bulls could get the upper hand with a thrust today or tomorrow that exceeds 0.9856, where an 'external' peak was recorded Tuesday on the way down.

GCM13 – June Gold (Last:1374.70)

– Posted in: Current Touts Rick's Picks

A reversal from 1363.90 is probably the best bulls can hope for at this point, but if the selling picks up and the futures close beneath 1352.90 for two consecutive days, you should brace for a slide all the way down to 1218.60.  The chart appeared here recently, but I have updated it to reflect a picture that has darkened somewhat with the accelerating selling of the last couple of days.

Focus Sharpens on 1218.60 ‘Worst Case’ for June Gold

– Posted in: Free Rick's Picks

Bulls have shredded a key target in the E-Mini S&Ps so easily as to suggest their rampage is only just beginning. Will they finish the week on a short-squeeze rampage? See today's tout for my specific thoughts on this.  You should also check out today's tout for June Gold, with a new chart that reflects this week's slide.  For reasons that it makes clear, a 1218.60 target will be in play following a two-day settlement beneath 1352.90

ESM13 – June E-Mini S&P (Last:1652.75)

– Posted in: Current Touts Free Rick's Picks

A key target at 1647.50 that had been weeks in coming survived for all of a day, suggesting that buyers have merely been getting warmed up. Now let's see how they do versus a minor target at 1665.00.  As of early Thursday morning, the onslaught had stalled a tick from the 1657.00 midpoint pivot. If they surmount it before morning, the week could end with a short-squeeze rampage.

Bull Market Getting a Little Freakish

– Posted in: Commentary for the Week of March 8 Free

[Buyers on Wednesday made short work of the 1647 target noted below, pushing the futures as high as 1660. This implies that a further rally of 130 points -- equivalent to more than 1000 Dow points -- is likely gestating. RA] The 1647.50 rally target shown in the chart below looked until recently like a good bet to contain the bullish stampede, at least for a while. As of early Wednesday morning, however, it seemed to be giving way. Even though it has been exceeded so far by just 2.50 points, that’s enough to imply that the resistance has been fatally compromised, given the clarity of the technical pattern that produced it. If this “Hidden Pivot” is in fact easily brushed aside, it would be yet one more casualty of a bull market that in its fifth year is growing more relentless by the day. And freakish. Yesterday’s rally marked the 18th straight week that the Dow has closed higher on a Tuesday. Market watchers have been trying to make sense of this, since nothing remotely like it has ever happened before. But they might as well be trying to explain Stonehenge. The mere fact that betting that stocks will finish higher on a Tuesday has become all but a sure thing is reason enough for it not to happen again.  That’s because “knowing” what the Dow will do on a given Tuesday would make it possible for “everyone” to make money on the same side of the market.  That cannot be, of course. And yet, who would dare fade next Tuesday’s action, assuming it’s a rally? Another 1000-Pointer? And now, what if buyers simply blow past the 1647.50 target shown above?  According to our technical runes, that would put in play a 1779.75 target of higher degree whose attainment