ARCHIVED COMMENTARY
And Speaking
Of Easy Money...
For edition of August 29, 2006
The newly opened Rick’s Picks chat room is proving useful to market-watchers and swing-traders, eliciting some important targets that I myself might have overlooked if I were screening stocks and commodities in a vacuum. The somewhat good news for bulls, who must at this point be under the influence of Mad Cow’s Disease, is that the broad averages have at least a little ways to go before they are likely to top out. The far better news for bears is that a billboard-obvious hidden-pivot resistance not far above these levels promises to deliver the juiciest shorting opportunity we’ve seen in a while. And even if it does not prove to be the Mother of All Tops, as is likely, it looks picture-perfect for purpose of initiating a winning swing trade – one that in this case can be effected with a stop-loss as tight as a single point. Check out Tuesday’s Touts to see a chart that shows a possible gift from heaven in the form of a 30-minute bar S&P chart.
Another revelation from yesterday’s chat session holds implications for gold bulls that are rather more glum, since it raised the prospect of continued weakness over the next 4-6 weeks, at least. The threat was identified by a Hidden Pivot seminar grad who has demonstrated a growing knack for finding succulent swing points. Based on his head-up in the gold ETF (Symbol: GLD), it would appear that the metal is on very thin ice following yesterday’s drubbing.
(Click on chart to enlarge)
The chart above shows exactly why the next few days could prove crucial to the intermediate-term picture. Bottom line, if GLD breaks beneath the previous lows that I’ve labeled #1 and #2, it will create a bearish impulse leg sufficiently robust to put pressure on bullion for yet more weeks to come, if not longer. Moreover, it would take a trampoline rebound to above 63 to negate the bearish implications of such a break. We’ll have a clue as to what’s coming by observing this morning what happens at 60.77, a hidden-pivot support. That was the target we were using yesteday to bottom-fish, but GLD only got down as low as 60.83. If the pivot gives way today, though, we should infer that the more significant breach of lows 1 & 2 is coming.
***
NYC Registrations
Remaining seats are going fast for this once-in-decade event, a Hidden Pivot seminar slated for October 14-15 in a conference facility off Central Park West. If you would like me to reserve a place for you, please let me know by requesting a registration form at this link. Meanwhile, here’s a FAQ to speed the decision along:
Seminar FAQ
When will the Hidden Pivot Seminar be held?
There are four seminars scheduled over the next four months, all on weekends. The first will be in New York City on October 14-15; the second, in Vancouver on October 28-29; the third, in San Francisco on November 11-12; and the last, in Sydney on December 2-3.
The class takes two full days, then?
Yes, from 8:30 a.m. to 5:00 p.m. on Saturday and Sunday. After an on-site brunch the second day, the remaining hours will be devoted to an informal Q&A session.
Can I take the course online?
We do not offer an online seminar at this time, but this may change if demand warrants it.
Is the seminar open to those who do not subscribe to your Rick’s Picks advisory service?
The course is open to subscribers and non-subscribers alike. However, I encourage all seminar students to subscribe to Rick’s Picks, if only for a month or two, so that they can become familiar with my methods and trading style. Also, the archives and educational pages offer a useful resource for learning about my proprietary methods prior to the seminar.
How can I sign up for the seminar?
You can request a registration form by clicking on the blue hypertext line under “Last Call!” above.
How much does the seminar cost?
Tuition for the two-day event is $1,500, This covers course materials and extensive post-grad mentoring in a real-time chat-room held during market hours.
When is the money due?
A deposit of $300 is due with the registration form. $100 of it would be non-refundable, and the remaining $200 would become non-refundable six weeks prior to the session.
How about the remaining balance of $1,200?
It would be payable by two weeks prior to the session and would be refundable. A check is preferred, but you will be able to use a credit card for an additional administrative fee of $50.
What will I learn?
The goal of the course is to enable students to master the Hidden Pivot method and to use it to forecast price reversals at least as accurately as experts who do it for a living. In addition, you will learn to use some basic risk management strategies and to leverage swing points with puts and calls. If you’re interested in what my subscribers have said about hidden pivots, click here.
Can someone who knows little about trading or technical analysis benefit from the seminar?
Although many professionals have taken the course, it is an ideal place for the novice to start, since it offers a relatively simple, stand-alone method of forecasting and trading. No prior trading experience or knowledge is required.
