Gold's delicate little rally couldn't stand a little competition from a rising stock market on Wednesday, and so Comex futures edged lower as shares wafted higher. From a technical standpoint, this turned an incipient consolidation just above a midpoint Hidden Pivot at 1220.00 into a potential distribution. The 1264.00 rally target associated with that number remains valid nonetheless, but we'll make bulls affirm its viability by checking their vital signs regularly on the hourly chart. They would regain some credibility with a thrust today exceeding the 1223.90 peak recorded December 16 on the way down. _______ UPDATE (January 8, 9:20 p.m.): Zzzzzzzzzzzzzzzzzzzzzzz.
Thursday, January 8, 2015
A Dark Day for Civilization Fails to Dim the Celebration on Wall Street
– Posted in: Free Rick's PicksThe stock market has an ugly habit of rallying at the worst possible times. Yesterday, for instance. Western Civilization absorbed a blow from which one of its key tenets, freedom of speech, may never recover. And although we shouldn't expect Wall Street to miss a beat in its daily scramble to multiply money that has fallen from trees, it would be nice if the markets would occasionally defer to a global mood that, far from being ebullient, verges on fearful. The takeaway for investors is that no one ever went broke underestimating the cynicism of Wall Street.
ESH15 – March E-Mini S&P (Last:2032.50)
– Posted in: Current Touts Rick's PicksThe pattern shown is lovely in ways that Hidden Pivot aficionados are bound to appreciate. From a practical standpoint, it all but guarantees a 13-point rally and a potentially tradable top at 2045.25. The rally is likely to be over by the opening bell, so I'll leave it to night owls to exploit the target in whatever way best suits your style. Note that a 'mechanical buy' on a pullback to p=2029.50 would require an initial stop-loss at 2024.00.