[The + symbol means we have an open position, while $ means there is actionable advice.]

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  Gold

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$   JUN GOLD (348.90): Over the next couple of days, there are two hidden pivots that we can use as targets: 351.90 and 353.70. If the first is exceeded by more than 0.10, you can infer the second will be reached. Either is short-able for a quick turn, but we’d suggest risking no more than 0.30 on the initial stop-loss.

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GoldCorp (NYSE:GG)

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+   GG (11.26): We hold 400 shares for an average 7.20. Goldcorp looks higher, but not much. The stock stalled recently at a hidden pivot at 11.40, but there are three more above -- at 11.57, 11.61 and 11.83 – if it should get through. There is also a conventional resistance near 11.50 from a prior peak, so the stock has its work cut out for it over the near term. Even if it blows through all of the obstacles noted above, GG will still face daunting resistance between 12.50 and 13.50.

               

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DURBAN DEEP (NasdaqSC:DROOY)  Quote - News - Profile - Message Board - Website

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+   DROOY (2.33):  We hold 200 shares for 2.41. DROOY is headed to the closest hidden-pivot support of significance, 2.16, but if it exceeds that number by more than 3 cents, we’d infer it’s on its way down to whole-number support at 2.00.

 

               

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  Randgold ex ADR (NasdaqNM:RANGY)  

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+  RANGY (12.54):  We hold 200 shares for 10.35.  We see little upside potential over the near-term, although there is not much to impede the stock between here and 14.

               

 

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 Royal Gold (NasdaqNM:RGLD)

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$   +   RGLD (17.47):  We’re risklessly long the July 17.50 – May 17.50 calendar spread eight times, but trying to roll into the July 17.50 – June 17.50 call spread for cheap. Continue to bid 15 cents to cover the eight May 17.50s that we are short.  Make the bid contingent on the stock trading 16.90 or higher, but if RGLD is below that price lower the call bid to 0.10.

 

               

 

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DJIA (8604.60):  Our minimum upside target for the intermediate term remains 9035, but the Dow must first get by hidden pivots at 8641.72, 8669.00 or 8736.46. A breach of any one of these numbers by more than two points would imply that the next-higher pivot will be reached. The 9035 target will remain viable so long as the March 31 low, 7929.31, is not breached.

$   JUN E-MINI S&Ps (932.25):  Friday’s intraday peak at 933.50 was precisely at a minor hidden pivot, so we can predict with confidence that if it is exceeded today by more than 3 points today, the futures will continue up to at least 947.75, a somewhat more significant pivot. Accordingly, until the final hour, you can offer a single contract short at 947.50, stop 948.25.  Switch to a 2.50-point trailing stop below 941.25, usoing 934.00 as your minimum objective.

JUN BONDS (116.09): The futures are bound for a potentially very important top at 118.09, whence beckons a major hidden pivot. The longer the bonds take to get there, the more bullish it will be for stocks, albeit temporarily.

OEX (472.25):  If the OEX is holding above a minor hidden pivot at 473.47 after the first hour, we’d infer it’s on its way to at least 477.50, and thence 484.93.

$ +   QQQ  (28.41):  We hold twelve June 30 calls for an average 0.33 and are offering twelve May 30s short against them for 0.40, good-till-canceled.  Let’s lower the offer to 0.20 and make it a day order. We also hold 24 July 23 puts for an average price of 0.175. Continue to offer eight of the puts to close for 0.35, good-till-canceled.

NASDAQ E-MINI (1143.50):  We’ve been using 1169.50 as our minimum upside target for quite a while, and it is still viable. The most significant impediment between here and there is a hidden pivot at 1149.00, but if that number were to be exceeded today by more than 2.50 points, or if the futures close above it, we’d infer that 1169.50 is an odds-on shot to be reached within a day.

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$ +  IBM (87.55):  We hold eighty July 105 calls for an average 0.13, and are offering 80 June 105 calls short against them for 0.10, g-t-c.  The stock will probably need to push above 91 this week to prompt enough short-covering of the July 105s to get us filled in size. First, though, it must push above a lesser pivot at 87.69 – a feat that would ensure relatively smooth sailing up to 89.64.

FNM (72.45): Fannie left our stingy bid choking on dust, but there is little point in chasing the stock, since it faces heavy supply between 73.50 and 74.

$ +  C  (39.05): We hold eight May 42.50 calls for 0.10 and are offering eight May 45 calls short against them g-t-c for 0.10. See today’s Trading Notes for a positive take on the stock. We expect it to shake off the taint of scandal quickly – and to move sharply higher, provided the tape is at all supportive.

EBAY  (94.67):  We’ll remain uninvolved unless eBay swoons, shaking loose some cheap calls.