A longstanding E-Mini S&P target at 2270.00 that we used to predict the spectacular post-election rally and its precise high continues to thwart bulls from making any further headway in 2016. Although we’d been looking to get short near this target toward the end of the week, the futures, true to their nature, have taken a diabolically elusive turn. On Wednesday, they went into a steep dive minutes after the opening bell after taking mincing steps higher for 15 hours. The fact that the plunge came just after the March contract generated a bullish impulse leg on the hourly chart made the sharp reversal even more difficult to anticipate, and to trade. Regardless, shorting by hook or crook ahead of New Year’s Eve still makes sense to me, since the TrumpSanta rally has probably gotten way ahead of whatever positive changes Trump might bring to the U.S. economy in the first six months of his term. An additional reason to expect a tone change on Wall Street next week is that the housing sector looks shaky. The combination of rising home prices due to limited supply, and rising mortgage rates, has already killed re-fi business and threatens to dry up first-time buyers completely. Rising interest rates will also impact auto sales, another key component of the economy. Even if there are a dozen good reasons to be bullish on Trump, the U.S. economy will face some serious headwinds as 2017 begins. Traders should position themselves accordingly, and subscribers should check the chat room ‘Scoreboard’ intraday for real-time trading ideas.
Comments on this entry are closed.
Click here for a special deal for graduates of the Hidden Pivot Course who want to stay on the cutting edge
Tuesday, June 13, 2017
The consistent accuracy of Rick Ackerman’s forecasts is well known in the trading world, where his Hidden Pivot Method has achieved cult status. Rick’s proprietary trading/forecasting system is easy to learn, probably because he majored in English, not rocket science. Just one simple but powerful trick -- managing the risk of an ongoing trade with stop-losses based on ‘impulse legs’ – can be grasped in three minutes and put to profitable use immediately. Quite a few of his students will tell you that using ‘impulsive stops’ has paid for the course many times over.
Another secret Rick will share with you, “camouflage trading,” takes more time to master, but once you get the hang of it trading will never be the same. The technique entails identifying ultra-low-risk trade set-ups on, say, the one-minute bar chart, and then initiating trades in places where competition tends to be thin.
Most important of all, Rick will teach you how to develop market instincts (aka “horse sense”) by observing the markets each day from the fixed vantage point that only a rigorously disciplined trading system can provide.
The three-hour Hidden Pivot Course is offered live each month. If it’s more convenient, you can take it in recorded form at your leisure, as many times as you like. The course fee includes “live” trading sessions (as opposed to hypothetical ‘chalk-talk’) every Wednesday morning, access to hundreds of recorded hours of tutorial sessions, and access to an online library that will help you achieve black-belt mastery of Hidden Pivot trading techniques.
The next webinar will be held on Tuesday, June 13. Click below to register or get more information.
Nothing Like a Little Hubris to Punch Up Stocks
Exploiting the Exploiters
Traders Jump on Bet that LePen Will Lose
Will NYSE Ever Pay Tribute to Its Best Friend, the Permabear?
A Stake Through the Heart of the Fed’s Phony-Baloney Inflation Story?
What Comes Next for Gold and Silver?
Don’t Be Lulled by ‘Quiet’ Sunday Evening
Gold’s Surge Has Dramatically Improved the Look of Its Charts
A Reality Check for Wall Street?