PCLN will need to bounce from the 1275.65 midpoint pivot shown to reassure bulls that the selloff from Monday's high isn't about to get legs. The pivot can be bottom-fished with a stop-loss as tights 0.20, but brace for more downside to D=1264.51 if it gets tagged. Like AAPL, this stock has failed to reach an important target with its most recent thrust. The target lies at 1358.18, but PCLN went no higher than 1329.90. This is missing by a mile, and we should pay close attention to any weakness that follows in its wake -- particularly to minor abcd downtrends that exceed their 'd' targets, since that would be warning that the selling is picking up strength.
Wednesday, August 27, 2014
Bellwether Apple Sputtering Out
– Posted in: Free Rick's PicksThe lunatic stocks have been pretty docile lately, making it impossible for the broad averages to move higher by their wonted leaps and bounds. Particularly troubling is that Apple -- no lunatic stock, but most surely a reliable bellwether -- has turned lower after narrowly failing to reach a 103.07 rally target I'd flagged. This bears watching, since a breach of the corrective target noted in today's tout could hint of more trouble immediately ahead.
ESU14 – Sep E-Mini S&P (Last:1996.50)
– Posted in: Current Touts Free Rick's PicksAt this rate, it may be Christmas before my very modest (and very short-able) rally target at 2008.00 is achieved. True, there is no actual, bullish buying to make it happen, only demand from short-covering bears that has been anemic lately. But the corrections have been shallow as well, keeping shorts pinned on the ropes. Nevertheless, so that we don't miss an important downturn while we're busy getting bored to death, I'll suggest setting a screen alert at 1992.00, which is where the hourly chart would be warning of possible trouble. _______ UPDATE (Aug 27, 6:29 p.m. EDT): Zzzzzzzzzzzzzzzzzzzzzzzzzzzzz.
