Friday, January 23, 2015

$GCG15 – February Gold (Last:1301.90)

– Posted in: Current Touts Rick's Picks

Gold showed some pluck yesterday, rising moderately even though the broad averages were getting squeezed into the ionosphere. This is usually fatal for gold, but not yesterday. The February contract spent most of the day head-butting a 1305.00 midpoint resistance associated with a 'D' target at 1330.90. Once above the midpoint, look for an easy 25-pointer. Night owls should look on charts of 5-minute degree or less for boarding opportunities, since the lurch toward the target is likely to begin in off-hours trading.

GCG15 – February Gold (Last:1294.80)

– Posted in: Current Touts Rick's Picks

Gold showed some pluck yesterday, rising moderately even though the broad averages were getting squeezed into the ionosphere. This is usually fatal for gold, but not yesterday. The February contract spent most of the day head-butting a 1305.00 midpoint resistance associated with a 'D' target at 1330.90. Once above the midpoint, look for an easy 25-pointer. Night owls should look on charts of 5-minute degree or less for boarding opportunities, since the lurch toward the target is likely to begin in off-hours trading. _______ UPDATE (January 25, 10:48 p.m.): The February contract popped briefly to 1307.80 on Friday but couldn't maintain altitude. There is no change in my outlook, however: A run-up to 1330.90 awaits if and when a lesser Hidden Pivot at 1305.00 has been decisively exceeded.

Rabid-Badger Behavior

– Posted in: Free Rick's Picks

Volatility has taken on the demeanor of a rabid badger, although it was clear from the outset yesterday that short-covering bears would do the heavy lifting. My hunch is that the last of them was gutted and disemboweled by yesterday's squeeze, but just in case a few survived, I've provided an ambitious rally target for Friday/Monday that you can use to manage the risk of long positions.

ESH15 – March E-Mini S&P (Last:2057.25)

– Posted in: Current Touts Free Rick's Picks

Yesterday's tout got it just right with the idea that once shorts' cahones get caught in the ringer, there is no way out for them other than via a murderous short squeeze. Thursday's nasty little ripper was more than I'd expected, since the futures ultimately exceeded my minimum rally target at 2050.75 by eight points. It took a truly murderous squeeze to get there, though, since the futures plunged to 2019.25 on the opening after reaching 2047 in off-hours trading overnight. So where to now?  My hunch is that things will be relatively quiet on Friday, mainly because short-covering bears were likely depleted, if not to say deservedly dead, at the final bell yesterday. Notice as well that the high in the final minutes came within two points of fulfilling the 2061 target shown. Since we should always be prepared for the unexpected, however, let me offer 2096.00 as a rally target if the criminals who rig this game decide its feasible to end the week with yet another short squeeze. The futures could pull back to as low as 2033.00 first, however, before the heist got under way.