With the goal of reaffirming how easy it can be to make $1000 a day using camouflage, we jumped on a shorting opportunity in Tesla. The trade was unusual in that most of our camouflage trades have been done from the long side. That’s because the technique itself was developed and honed during a four-year period in which stocks nearly always went up. The trade worked out nicely and used an entry signal from the two-minute chart that met all our rules. Check out this recording if you have doubts that you could do this stuff yourself.
Wednesday, June 5, 2013
Dollar About to Regain Its Mojo?
– Posted in: Free Rick's PicksAn update to the $DXY tout shows exactly where the dollar is likely to turn if bulls are about to regain their mojo. Of course, this could conceivably put weight on bullion prices.
GCQ13 – August Gold (Last:1406.50)
– Posted in: Current Touts Rick's PicksCoincident rally targets not far above will give us an opportunity to gauge bulls' mettle, assuming they can soon muster the 20-point push to get there. The targets lie, respectively, at 1426.60 and 1427.00 (see inset), and their implied double stopping power should restrain the rally sufficiently to backstop scalpers looking for an easy, if possibly short-lived, short. However, if the futures were to push past this barrier within an hour or so of touching it, we should infer that still higher prices impend over the near term.
ESM13 – June E-Mini S&P (Last:1613.50)
– Posted in: Current Touts Free Rick's PicksDaBoyz struggled mightily yesterday afternoon to produce a winning close, but as you can see, the damage had already been done via a decisive breach of a midpoint support at 1627.00 (red line). This augurs more downside to at least 1608.50, the 'D' target of the pattern shown. Night owls can try bottom-fishing at 1623.50 nevertheless, since that Hidden Pivot (A=1645.75 at 11:00 a.m. EDT ) is situated well enough to produce a tradable bounce on the way down. If it is easily brushed aside, however, we could see seller's dominate into week's end. ______ UPDATE (1:50 p.m. EDT): After bottoming at 1607.50, the futures are in the throes of a rally that should carry to at least 1618.00. So far, one trader in the chat room has reported having made hay with the target.
