Priceline

Maybe it's Shatner's winning touch, but Priceline is moving through major Hidden Pivots with such authority that it's starting to creep me out. Granted, the target shown, at 1155, is of dubious provenance, since the point 'A' of the pattern is just a pisher. But it's still good enough for government work, and that means it should have shown at least a little stopping power.  So now where?  I'm never comfortable when I don't have a target, so let's use the one at 1244.20 shown.  That's 67 points of potential upside to trade before you even think about getting short, making this stock a natural if you're keen on trading with the lunatic trend. _____ UPDATE (January 6): The stock has topped for the time being just below $1200. The correction looks bound for a minimum 1121.61, a Hidden Pivot support that can be bottom-fished with as tight a stop-loss as you can handle. _______ UPDATE (January 7, 10:06 p.m.): The stock has shot up more than $50 in two days, but I don't entirely trust the rally, since it is coming off a low that decisively exceeded a clear Hidden Pivot correction target at 1121.61. Regardless, for the time being it should be traded only from the long side, using 'camouflage' patterns that are visible on the 30-minute chart or lower. _______ UPDATE (January 12, 11:05 p.m. EST): More downside to at least 1128.75 appears likely over the near term.  That's a Hidden Pivot midpoint support, and you can try bottom-fishing there with as tight a stop-loss as you can handle. If the support is breached decisively, however, it would imply more downside over the near term to as low as 1089.37. _______ UPDATE (January 22, 11:31 p.m.):  Next major stop on the way higher: 1224.40, a Hidden Pivot

Because Priceline has blown past my 1085.19 target by nearly five bucks, I've called up a monthly chart with a long-term perspective in order to hazard a new prediction.  As you can see, there is a target at 1155.61 sufficiently compelling to serve as a minimum upside objective -- and not just for the near term, since this particular Hidden Pivot resistance, coming as it does from the monthly chart, stands to be an important one.  Your trading bias between here and the target should be bullish, of course, but I would encourage you to reverse any long positions and get short at or near the target in whatever way you're comfortable with. If you let me know in the chat room of any fills, I will use middle-of-the-road numbers to establish a tracking position. _______ UPDATE (November 12, 10:03 p.m. EST):  PCLN has shrugged off a touch of the flu and is once again making new record highs. The 1155.61 target remains valid, but more immediately, traders can use a Hidden Pivot at 1125.64 as a minimum upside projection for the near term. ______ UPDATE (November 14, 7:54 p.m.): The rally stalled almost exactly at the 1125.64 target at Wednesday's close, then gapped above it the next morning. This all but guarantees that our longstanding target at 1155.61 will be reached.  Bulls should reverse the position or put on covered writes when the target is hit or closely approached. If you choose the former, I'd suggest a stop-loss as tight as you can abide, since targets have been working rather precisely in this vehicle.  _______ UPDATE (November 18, 2:12 a.m.): No changes, but you should be alert to the possibility of a stall here -- or possibly worse -- due to an important Hidden Pivot target at 1146.99 that

Priceline has just become the first S&P stock to hit $1000.  Judging from the way it is now consolidating the recent surge above a clear midpoint pivot at 988 (see inset), PCLN seems very likely to head still higher in the days ahead.  Since the 1048.32 target looks like a very high-probability number, traders should position from the long side until it is reached. However, it'll be a juicy short if and when that moment arrives, and bulls as well as those who have held no stake should be ready to fade the rally at that time. My suggestion would be to lay in some vertical put spreads then, but I'll have more-specific advice at the appropriate time. _______ UPDATE (October 2, 9:53 a.m. EDT): The stock has blown through our crystal-clear target with such force this morning that a much higher target at 1128.20 must now be regarded as Priceline's bull-market destination. It is derived by simply sliding the point 'A' low of the pattern shown down to 791.15, a key low recorded in June. If you were long from $1000 based on my earlier advice, you shouldn't have much trouble remaining long for another ride of $75.  _______ UPDATE (October 8, 3:00 a.m. EDT:  Use the 1032.24 Hidden Pivot shown as a target for this correction, keeping in mind that even a small overshoot would suggest there is more selling to be spent and therefore even lower prices ahead.  The target can be bottom-fished nonetheless, preferably by using camouflage on a chart of 15-minute degree or less. _______ UPDATE (October 10): The 10% selloff begun a week ago from 1074 has generated a robustly bearish impulse leg on the daily chart (see inset) while also exceeding the 0.618 Fibonacci line associated with the steep rally from late August's

In the chat room yesterday we toyed with this stock, waiting to get short at a 713.29 target that went unachieved (see inset).  The stock dove from just beneath that number, denying us a juicy trade, but you should be starting to see that one needs just one or two these trades a week to make a pretty good living at it. We'll keep trying, with a new emphasis on weekly-expiration options whose appeal I had long overlooked. They are in fact perfectly suited to the Hidden Pivot's ability to nail swing highs and lows precisely.  If you want to get in on these trades the chat room is the place to be, since even the time it takes to send out an E-Mail Notification could spoil the opportunity.

Priceline has validated an 889.62 bull-market target with a nearly precise hit at its midpoint sibling, 721.52. The actual high, on January 28, was 721.96 -- just 44 cents from our Hidden Pivot. Although we can't predict for certain whether the stock will get past the pivot, if PCLN does so decisively, the stock would become an odds-on bet to reach 889.62, which lies about 21.7% above current levels.

I missed a trick when I pronounced this vehicle doomed after it slid through a 609.47 midpoint a few days ago. There was a perfectly serviceable alternative midpoint pivot at 606.05 that in fact predicted Priceline's powerful bounce within 40 cents. I've labeled the two respective B-Cs so that you can see for yourself.   Notice that the lower of them -- the one that actually worked -- yielded a hidden support at exactly 606.05 (the red line), foretelling the bounce we saw from 606.45.  The lesson here is that Priceline's ups and downs are as predictable and tradable as that other $600 supposed giant-killer, Google.  One final note:  camouflageurs should see in this chart an interesting buying opportunity at the moment arising out a very short k-A segment. Can you  find it? _______ UPDATE (December 24, 11:29 a.m. EST): Use the p and D targets of the pattern shown, respectively at 605.39 and 572.14, if you're fixing to get short or bottom-fish.  _______ UPDATE (January 3 at 2:44 a.m. EST): The stock appears bound for 668.10 after trampolining from a shakedown low at  601.50 on New Year's Eve day.  The p midpoint resistance associated with that target is 647.89, but don't expect it to show much stopping power. ______ UPDATE (January 15 at 11:38 p.m. EST): The stock overshot my target by 23 cents before DaScumballs pulled the plug and let this vehicle fall $14.  They then proceeded to goose the stock back up to 665.79, presumably with even more ambitious targets in mind.  The stock, as you can see, has been perfectly predictable and not the least bit scary, so camouflageurs should be licking their chops right now.  _______ UPDATE (January 22 at 4:32 p.m. EST):  The stock is bound for 719.93, the Hidden Pivot target, on the daily

And now, Priceline has joined the list of high-fliers that have gotten sacked as portfolio managers limp toward the goal line. Surely the Masters of the Universe could not have wanted December to turn out this way?  One suspects they had little choice, however; for not only was there insufficient buying power to goose the broad averages into year's end, there weren't even enough bidders to hold stocks at cruising altitude.  Under the circumstances, it's logical for DaBoyz to have allowed some of their bread-and-butter stocks, most painfully Apple, to fall to levels where shares can be more comfortably accumulated.  Even better for them, once sellers are either depleted or on holiday, it will be relatively easy to recoup the losses in mere hours via short-squeezes that are a reliable feature of the December trading calendar. From a technical standpoint, PCLN would become a moderately fetching buy at 617.79, the midpoint pivot (on the 30-minute chart) of A=661.86 (12/07 at 2 p.m. EST); B=626.53 (10 a.m. on 12/10).  That number should also serve as a minimum downside objective for this dive. _______ UPDATE (December 14, 2:30 a.m. EST):  Priceline took a $6 bounce, its only real rally on an ugly day, from 617.72 -- just seven cents from the Hidden Pivot target given above.  No trades were reported in the chat room, so I will not be providing a tracking position.  However, if you're interested in trading the stock, it is now an odds-on bet to fall to exactly 584.55. (60m, A=672.95, B=623.10). The midpoint pivot associated with that price is 609.47, so be prepared for a struggle at that price between bulls and bears.

I'm initiating coverage of this stock because its monster price swings could create some interesting opportunities for us with puts and calls. At the moment, the stock's recovery is targeted on the 651.17 midpoint resistance of the pattern shown. Accordingly, I'll recommend naked-shorting two October 650 calls if and when the stock gets within 20 cents of the target. You should stop yourself out if the calls trade 50 cents above where you sold them. (They should be selling for around $19, but that's just a guesstimate.)  This trade is intended only for subscribers with options accounts qualified to hold naked puts and calls. Generally, our option trades will involve long-premium strategies. ______ UPDATE (9:50 p.m. EDT):  Cancel the short for now, since the stock is falling. Instead, try bottom-fishing at the 623.28 target of the corrective pattern shown, buying two October 650 calls if the stock gets within 10 cents of the target. A 622.04 stop-loss should be used, risking perhaps $10-$15 per contract. ______ UPDATE (1:52 p.m. EDT):  I'm new to this stock -- had never even looked at it before, actually -- but I'll get the hang of it.  Meanwhile, it's hard not to be impressed by the maniacal fervor of the lunatics/thieves who apparently are running the show. A class act for sure -- all of it low.