We’ve straddled QQQ and GDXJ with put purchases in each on Friday. Wild price swings or a powerful trend is what we’re looking for, but because even a feint intraday could help us spread off the risk, I’ll recommend keeping close tabs on this one. To subscribe to real-time alerts, simply go to your My Account page and click ‘E-Mail Notifications’.
COMMENTARY for Monday
TODAY'S ACTION for Monday
Rick's Picks for Monday
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The nasty correction begun five weeks ago from 33.360 has a little farther to go before it hits 28.100, (My apologies, since I originally gave this as 28.810. I have not been able to type this number correctly in my last ten tries.) This Hidden Pivot is compelling, and we should therefore plan on bottom-fishing aggressively. This implies you can back up the truck — but do your buying very tightly stopped or, better yet, with camouflage. Alternatively, bulls would signal a rampage with a print today at 29.815. The chart shows the significance of this number, along with the ABCD symmetry that makes the 28.100 target so appealing.
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A Hidden Pivot at 1534.30 flagged here earlier is pulling the futures lower, along with a secondary target (shown) at 1532.70. Camouflage is called for if bottom-fishing, so start looking for the turn on the 5-minute (or less) chart from 1535.80 on down. If these supports give way easily and, heaven forbid, the futures close below them, the next stop would likely be 1500.00, the ‘D’ target of the large pattern shown. Night owls could also use a 1520.30 target to bottom-fish — without camouflage. A four-tick stop-loss should suffice. Want to learn how to do this stuff yourself? Click here for information about the upcoming Hidden Pivot Webinar on June 6-7.
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There are numerous bearish patterns we can use to project a potentially important low, but the one that I like most has three single-bar coordinates, all sharply etched. They produce a 358.38 ‘D’ target, and although I cannot guarantee that will be where the carnage ends, it would most surely be worth bottom-fishing with a tight stop-loss. My best-case scenario implies that the low was made yesterday at 390.63, just 0.59 points from the ‘D’ target shown in lavender. To take the offensive, bulls would need to push this vehicle to 422.47 by Thursday.
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Hidden Pivot Webinar & Tutorials
The next Hidden Pivot Webinar will be held this June 6th - 7th. This two-day event is designed to teach you the risk-averse trading strategies Rick has taken to his seminars around the world. Once you have learned his proprietary secrets, you will approach trading and investing with enough confidence to make your own decisions without having to rely on the advice of others. For more information, or to register, click here.
Buy Gold Below $3000? ‘You Can’t Lose’
by Rick Ackerman on May 14, 2012 12:01 am GMT · 57 comments
[Gary Leibowitz frequently raises hackles in the Rick’s Picks forum with his mantra that business is great, stocks are underpriced, and -- at least for the time being -- the U.S. economy is going great guns. Who knew that he is also expecting a global depression that will last for more than a decade? In the guest commentary below, he explains why – but also why, with two caveats, gold is likely to be one of the best places for investors to be for at least the next six years. RA]
I must confess that I’d been a gold bear for many years. When I reevaluated my position, I surprised myself when my conclusions made a 180-degree turn. On average gold has an 18-to-20-year life cycle, which implies the bull run will run until 2018-20. The cycle doesn’t necessarily mean a huge run-up, but it does mean there should be very little downward pressure. The other factor that is encouraging is how most gold cycles, when there are strong signs of upward movement, terminate with an even larger and steeper rise near the end of the cycle. If history is a guide, we should therefore expect the most dramatic phase of the rally to occur six to eight years from now. » Read the full article