April Gold and the E-Mini S&Ps appear to be roughly in synch Wednesday night, but neither is doing much. Check out today’s tout for Silver Wheaton if you’ve been waiting for a spot to enter or augment a long-term position.
COMMENTARY for Wednesday
TODAY'S ACTION for Thursday
Rick's Picks for Thursday
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Silver’s choppy price action over the last three weeks has eaten way probably no more than half of the hefty supply deposited on the charts during the first half of November. You can see how tired it looks, the moreso because the last few upthrusts have done nothing to refresh the bullish impulsiveness of the larger intradays. That would take a stab to 34.690 on the next effort, but failing that, the yellow warning flag is due to be unfurled. (Click here to learn more about the Hidden Pivot Method we used to forecast and trade futures and stocks.)
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Take any dozen good reasons for being bearish right now and they still don’t equal the bullishness of the chart shown. The undeniably compelling rally objective is 13085, a 4.8% move from current levels, and one can only surmise that the dusting the 12158 midpoint received on the last pullback (12/28) all but clinched a finishing stroke to the higher number. Moreover, it implies that bears shouldn’t get their hopes too high even if, in the next few days, the Dow plummets 324 points to retest the midpoint support. As of now, that would signal not weakness, but a screaming opportunity to get long. Hard to believe, really, but that’s what the charts say.
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Led by Banks, Stocks Are Inches from Key Targets
by Rick Ackerman on February 8, 2012 2:19 am GMT · 3 comments
The stock market hasn’t been much fun to trade in a while, but that could change today as the broad averages approach some potentially important rally targets of ours. Want to know exactly where these targets lie but don’t subscribe? Click here for a free trial subscription that will give you access to our proprietary numbers. One of them foresaw a 600-point rally in the Dow that is nearly complete. The other is a bullish target for the E-Mini S&Ps that smacked us in the eye yesterday with its clarity. There are also two bank stocks whose deft handlers appear to be setting up suckers for the kill. These financial biggies are household names, but because they are in the thick of Europe’s bailout hoax, they are destined to go down with the ship. Under the circumstances, the hysterical, short-squeeze rallies that have driven their shares steeply higher may be ready to seven-out. » Read the full article