Rick Ackerman

The bullish impulse leg created by tonight's rally is somewhat more powerful than the corresponding one in gold, since it surpassed a more ambitious external peak without a pullback.  Even so, for purposes of finding an entry spot, we should play it conservatively, using the so-far stubby A-B leg (see inset) to generate an entry signal, a p resistance and D target. As I've suggested in gold, your actual entry should be made on a chart of 5-minute degree or less. I've sketched a hypothetical opportunity that conforms with this suggestion for your further guidance.

The futures have pushed above mid-June's 1396.50 high Sunday night, generating the first bullish impulse leg of daily-chart degree since the rally began on June 28. This has effectively refreshed the trend, but as always we should remain caution in our assumptions. In practice, this will mean using the so-far stubby rally that has begun from 1351.60 as a point A (see inset) in order to calculate an entry point (via camouflage, presumably), a midpoint resistance and D target. Of course, a point B high has not yet been created, and it's possible the futures will exceed yet another 'external' peak or even two before this happens. That would strengthen the bullish case for weeks to come, but even if it doesn't happen, you should view any pullback that takes the form of b-c leg as a buying opportunity.  Entry points signaled thereupon on the daily chart should be leveraged on charts of much lower degree -- presumably the five-minute chart or less.

If you look at the weekly chart of the E-Mini S&P (see inset), you may get the feeling that it could take another week or two for this fatted-pig-of-a-market to roll over. Although last week's high fell inches shy of the 1664.25 target where I'd suggested getting short, the Sunday night sleazeballs have pushed the futures just north of it to a so-far high (as of around midnight EDT) of 1165.75. I cannot tell at the moment whether this is simply the best They can do for purposes of distribution, or whether it is in fact the beginning of a short-squeeze that will have bears on the run as the new week begins. Whatever the case, it doesn't necessarily mean this vehicle can't be shorted -- only that if you attempt it, you should do so via camouflage in order to mitigate the special risks of opposing the trend.  Please note, however, that from a Hidden Pivot perspective, the September contract could get as high as 1742.50 if it gets past the 1687.00 midpoint resistance this week. The pattern I've used to project that target is not ideal because the dinky little point 'A' is too far above the visually obvious one; however, both p and D would be short-able if they beget downside reactions with the kind of abc we like.

Here’s some bracing news for the college crowd:  There are 115,520 janitors in the U.S. with bachelor’s degrees or more. Just as surprising is that, even though 30% of the adult population has college degrees, only 20% of the jobs available require one, according to an article by Daniel Greenfield in Frontpage magazine. Students may not be aware of these depressing facts, but they clearly imply that most of the degrees they are now seeking will be largely valueless when they graduate.  It’s possible that some undergrads, especially in the humanities departments, are not overly concerned about such things.  But you can bet their parents are taking a hard look as steeply rising college costs strain many household budgets beyond prudent limits. It’s not hard to see why the cost of a college education has risen more sharply than the cost of just about everything else:  The U.S. Government, ever eager to blow bubbles,  has made loans to students so cheap and plentiful that they currently total more than $1 trillion. At the individual level this translates into student loan debt averaging $26,000. Obviously, those with professional degrees have borrowed a great deal more – typically six figures. A Degree in English Speaking personally, we have a son who is enrolled in a four-year college and another who graduated high school in the spring.  The older son, following in his father’s footsteps, is majoring in an English, and the degree he is scheduled to receive next year will come with a teaching certificate. Although the job market for English majors is not nearly what it was in the 1970s, when your editor graduated college – it is pretty scary, actually -- my wife and I have every confidence that our son will succeed in life because he has succeeded so

Rye Patch, an exploration company we enthused over after visiting their Nevada sites last spring, looks like it's about to achieve escape velocity following two months of herky-jerky accumulation near multi-year lows. Check out today's tout and chart if you're looking for a well-run, well-capitalized company this is nicely leveraged to the price of bullion.

I was very enthused about this stock when I toured the company's sites in Nevada earlier this summer, but RPMGF got cut in a half when a lawsuit they'd brought against Coeur d'Alene settled less favorably than some investors might have hoped. The verdict was worth $40 million to Rye Patch -- not exactly chump change -- and it now looks as though at least a few investors are reconsidering the company's merits. The stock is very likely being accumulated -- at one-fourth of the 0.80 it cost to buy a share at late 2011's high of 80 cents (see chart inset) -- and you should probably do so yourself if you're looking for a well-managed, well-capitalized company that is highly leveraged to the price of bullion. I've sketched out a hypothetical pattern that could provide an excellent entry point, but you should be alert to the possibility that the stock could take off without pulling back as far as I've indicated.

The Dow underperformed the S&Ps on Thursday, leaving an ascent trail on the intraday chart far less impressive than the S&Ps. The move was not impulsive, not even on the lowly 15-minute chart, suggesting DaBoyz could have more trouble than their thieving colleagues in the E-Mini S&Ps manipulating this vehicle higher. I'd suggest using the 14780 target shown if the Indoos head lower. If not, and bears are still on the ropes by the final bell, I wouldn't even hazard a guess as to where they are left hanging.

The night shift Dirtballs were keeping bears on the hook after Thursday's weak short squeeze, pushing the futures a tick above the regular-session high. They have not yet reached the 1656.75 midpoint resistance shown, however, and there was therefore an off-chance that the rally might not go much higher than that. If not, traders should expect a further push to 1664.25, a target that looks like it will work precisely enough to be shortable with a stop-loss as tight as 1.00 point. If you do so via a straight offer, one contract should do it; if by camouflage, try four. If the order fills, you'll be on your own. For single-contract players, you'll need a move of at least 3.00 points in your favor before you deploy a stop-loss (presumably a trailing one, but you could also tie the position to an impulse leg-based stop on the 1- or 3-minute chart).

This vehicle got taken down after a bull-trap opening yesterday, but the lows didn't affect the bullish look of a pattern begun last Thursday from 45.92. It projects to as high as 53.20, provided midpoint resistance at 50.49 can be surmounted. More immediately, the pattern could be negated by any mild weakness Thursday, since GDXJ ended Wednesday's session on the low of the day, just 34 cents from the point 'C' low of the bullish pattern.