At the moment, there’s a discussion in the Rick’s Picks chat room concerning the Mini-Nasdaq, so I’ve decided to see what it’s up to tonight. A subscriber who goes by the handle ‘Limey’ reported that he’d laid out some shorts on Wednesday at the red line, a Hidden Pivot midpoint that was nicely situated — i.e., in the middle of nowhere — to repel bulls, if perhaps only for a short while. Will it be a winner? Well, let’s just say that the gain it has produced so far for shorts, as much as $600 per contract at the correction low, strikes me as a good opportunity to take the money and run. In any event, the stop-loss is a no-brainer: at 5952.45, where the December contract would be in good position to set up a mechanical ‘buy’ off this pattern. _______ UPDATE (Sep 29, 5:37 p.m.): Thursday’s thrashing around left a tedious inside day on the intraday charts, albeit within a minor bullish pattern that projects to a Hidden Pivot target at D=5965.50. A move to that number will become an odds-on bet if buyers can push this flivver past the 5938.40 midpoint resistance. But don’t be impressed unless ‘D’ gives way as well, and if you’ve made money on the way up, I would strongly recommend using your profit to cushion a short from D, stop 5970.
