Rick Ackerman

My gut feeling is that bullion is being accumulated while stocks are being distributed. For a more finely nuanced perspective, check out today's tout for December Gold along with my latest update for the E-Mini S&Ps.

Monday's strong rally occurred in the space of about 18 minutes, but it has taken DaBoyz nearly eleven hours to beat it back down to levels where, presumably, they can accumulate more gold before they let go of the reins. Careful here!  We've become so used to seeing bullion rallies evaporate as fast as dew on cactus that we'll need to guard against assuming that is the case now.  One reason for being skeptical about selloffs at the moment is that we still have some unachieved rally targets: a minor Hidden Pivot resistance at 1350.40, and another at 1358.90. If these impediments are easily brushed aside, however, we should confidently expect the push to hit a minimum 1428.80 over the near term (i.e., 7-12 days).  Traders looking for a low-risk entry opportunity should focus on opportunities as subtle as the one shown.  With this vehicle, our goal is to pare initial risk down to no more than four ticks ($40) theoretical per contract.

USA Watchdog Interview with Rick Ackerman Obama Care-Absolute Abomination will Collapse Under its Own Weight-Rick Ackerman Click here to hear the audio interview on the USAWatchdog website

Friday's surge slightly exceeded the 243.52 midpoint resistance of the pattern shown, offering modest encouragement to those of you who may have found reasons for despair in my last tout for this vehicle. Is this the turnaround we've been waiting for so patiently?  It's too early to tell, but a two-day close above the resistance would certainly justify optimism such as we have not dared in a long while. That would put the 269.75 'D' target well in play, and with it a rationale for positioning from the long side -- not only in this vehicle, but in certain stocks we have tracked in the past, such as Altius, Rye Patch and California Gold Mining, that stand to be high-beta performers if the gold price is headed above 1400.00

An important Hidden Pivot target at 1708.75 broached here a couple of weeks ago has survived so far, although the selloff since has not exactly been the stuff of bears' dreams. Even so, we can look forward to a bit more weakness today, down to the 1674.00 target shown.  If Mr Market is about to have congestive heart failure, or perhaps a well-deserved stroke, we should look for sellers to turn the target into suet quickly. Even so, the so-far corrective pattern looks good enough to try tightly stopped bottom-fishing there. Camouflageurs should initiate the trade on the one-minute chart or less, notifying me in the chat room of any fills. If you want to skip the  camouflage, bid 1674.25 for a single contract, stop 1763.25. ______ UPDATE (10:57 a.m. EDT):  Oh well. Mr Market once again failed to succumb, turning higher from a low of 1675.25 that cheated us out of a nice buying opportunity.  Is it possible the trained chimpanzees on the trade desks at Goldman and J.P. Morgan know how to identify the most obvious Hidden Pivots, such as the one given above, and are front-running us?  _______ UPDATE (August 12, 9:01 p.m. EDT): My outlook is little changed, although bears will need to respect the bullish impulse leg that resulted from yesterday's gratuitous ups and downs. It projects to 1692.25, but that Hidden Pivot is not very enticing as a place to get short, since it equals a key 'external' peak recorded Friday on the way down (see inset, a new chart).  Night owls will notice there's a possible buying set-up in the ABC pattern that was taking shape Monday evening.

Drop by the chat room this week if you want to try real-time trading.  Whenever I am in the room, I'll keep a separate room open to display real-time charts you and I find that promise to yield timely trading opportunities during the day.

It's Sunday night, and Gold has been up as much as $21 so far, tracking last Thursday's forecast perfectly. The December contract is currently at 1329.90, just off a 1333.00 high recorded on the opening bar. Keep in mind that the first test of the 1428.80 rally projection proffered here last week will come at its midpoint sibling, 1358.90. An easy or decisive move through it would greatly shorten the odds of a quick follow-through to the higher number. For trading purposes, camouflageurs should try to leverage the 'external' peak at 1334.00 shown in the chart.  Any rally that pulls back from a tick or two above that number would afford an excellent opportunity to get long, especially if the B-C pullback is as shallow as $2 or $3. The expected ride would be to at least 1350.40, a secondary target that has come into focus tonight.

After falling steadily since the 1960s, America’s standard of living is on the verge of collapse. This statement may seem counterintuitive, considering all of the pleasures so many of us enjoy: 50-inch TV screens and fabulous electronic gizmos that put a world of knowledge and entertainment at our instant command; Kobe beef hamburgers seasoned with pink Himalayan salt; battery-powered luxury cars that accelerate from zero to 60 in under four seconds; photo safaris in the Serengeti  and  vacation cruises to the fjords of Norway and the Galapagos Islands; graphite-frame mountain bike and kayaks, bulletproof tuxedos and down parkas that can keep us warm at minus 30 degrees.  What king or emperor ever enjoyed such easy and complete command of his environment? And yet, despite this impressive list of amenities, the things that truly matter have slipped beyond the reach of the broad middle class. Stay-at-home moms have become a relative rarity, early retirement for private-sector employees a  financial impossibility.  First-class health care is now reserved for the few who can afford concierge care; four-year private colleges, for the sons and daughters of households able and willing to take on six-figure debt.  We buy most of our “stuff” at warehouses rather than at department stores. Air-Travel Cattle Nowhere is the decline in our standard of living more obvious and infuriating than in public transportation.  Sixty years ago, the average passenger train offered a level of luxury that by today’s standards would befit a pasha. Linen tablecloths, sterling silver and Spode china were routine dining-car fare for all travelers. Today, such cars and the full menus they offered have been replaced by vendors who will sell us a slice of processed cheese on stale bread for $10.  Air travelers have fared far worse, crammed into seats so tight that one cannot even

The Korelin Economics Report Weekend Show – Sat 10 Aug, 2013 Politics, Investing and Gold Segment 6: Rick Ackerman and Doc share their long term views on gold. Click here to hear the audio interview on The Korelin Economics Report website