Wednesday, May 29, 2013

GM13 – Unleaded Gas (continuous) (Last:959.97)

– Posted in: Current Touts Free Rick's Picks

'Experts' who predicted relief at the gas pump this summer blew it big-time. Instead of the $3.50-per gallon price we were given to expect, premium unleaded is pushing $5 in some places and has even hit $4.30 here in Colorado. Still, if the chart shown completes the head-and-shoulders pattern it's been building for more than two years, there may yet be a break in prices come September.

GCM13 – June Gold (Last:1385.50)

– Posted in: Current Touts Rick's Picks

Bulls should have learned by now to distrust any and all feints higher in Comex Gold, since each almost invariably gives way to an equal reaction in the opposite direction. That said, bulls still hold a small edge in the task of completing a move to the 1430.10 target shown.  If this were to occur, it would trip the snooze alarm I'd advised setting at 1416.60 At that price, we'd have a bullish impulse leg on the intraday charts -- not to mention, a possible opportunity for camouflageurs to get long if the thrust is subtle enough.

ESM13 – June E-Mini S&P (Last:1653.75)

– Posted in: Current Touts Rick's Picks

Night owls looking for a way to pass the time profitably might try bottom-fishing at the 1648.25 midpoint pivot shown. (Notice that I've used a distinctive one-off A here.) 'Camouflage' will generally be the best way to go, but in this case the patterns looks sufficiently promising to attempt it with a bid at the target and a two-tick stop-loss. Another thing to like about 'p' is that it is not near any prior structural lows that the hoi-polloi would tend to use for similar purposes.

TSLA – Tesla Motors (Last:95.45)

– Posted in: Current Touts Free Rick's Picks

Today's commentary proffered some potentially spectacular outcomes for Tesla-mania, but for those looking for the next day-trading opportunity in the stock, the 119.52 target shown should be used as a lodestone.  'Camouflage' cover could be difficult to find in a rally so far advanced, but if the stock is going to hit 119.52 today, your best bet might be to monitor Wednesday's opening on the one-minute chart for the first ABC pattern that meets our simple rules.  Click here if you're interested in learning those rules. ________ UPDATE (June 4): The hourly chart has swung to bearish, and although this has not invalidated the 119.52 rally target, it will shift our focus to the corrective pattern now developing (see inset, a fresh chart).  If the stock is bound significantly higher we should see this pattern reverse -- possibly tradeably -- from around its 'p' midpoint support (which is as yet undetermined). _______ UPDATE (June 6, 2:25 a.m. EDT): Yesterday's bull-trap rally off a gap-down opening aborted the downtrend, although the move would need to hit 104.27 to generate a bullish impulse leg on the hourly chart. The fact that the rebound came from 3 cents above the 88.42 midpoint support (see inset, a fresh chart) is an additional factor that is short-term bullish.