[The + symbol means we have an open position, while $ means there is actionable advice.]
$ DEC DJIA (9760.00): We are switching today to the Dow mini contract so that you can use my inflection points more easily to enter and exit positions. For starters, there is a hidden-pivot resistance at 9813 that is short-able. Do so by way of a single-contract offer at 9813, stop 9816, good in the first hour only. Switch to a 15-point trailing stop below 9765, using 9680 as a target.
DEC E-MINI S&Ps (1044.75): The next strong thrust should carry to 1070.00, a major hidden pivot, but more immediately there’s a 1056.00 pivot whose provenance is perhaps too obscure to offer us a high-confidence spot to try shorting against the trend.
DEC BONDS (106.00) The recent, decisive breach of an important hidden-pivot support at 106.27 implies the futures are likely to head lower over the next 2-3 weeks. My minimum target is 102.22, a hidden pivot that is discernible on the long-term charts. It lies just a quarter-point above the 15-month low made on August 11 at 102.14.
OEX (523.51): A dip beneath the 492.75 low made on August 26 has the potential to turn the intermediate-term trend bearish. This would corroborate the importance of a 526.73 hidden pivot to which the OEX rallied on Wednesday.
QQQ (35.57): My minimum upside projection is still a hidden pivot at 37.29, but it is taking longer to get there than I’d expected. Alternatively, a 34.29 print would abort the target and turn the minor trend bearish.
DEC GOLD (373.40): Still no change. It’ll take a two-day close above 380.10, a hidden pivot, to get out of immediate jeopardy. Otherwise, a relapse to below 367.30 would hint of a correction to as low as 356.10.
DEC NASDAQ E-MINI (1423.50): There’s upside potential over the near-term to 1500.50, a hidden pivot, but the Naz could pull back first to a lesser pivot near 1402.00 to consolidate for 2-3 days.
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INTC (31.76): There’s a hidden pivot at 32.39 that I overlooked the other day, but it implies that
Wednesday’s top at 32.78 may have marked a turning point for at least the short-term. If Intel moves higher, however, the next hidden pivot above these levels that could stop it lies at 33.27.
FNM (72.35): I’ve projected a move to as high as 76.13 over the next 4-6 days, but first the stock must reach, then surmount, a lesser hidden pivot at 73.80 – a task at which it failed on Thursday by 11 cents. We’ll keep that as our minimum target for the next 2-3 days, but I am no longer suggesting that you buy the stock on a weak opening.
+ C (48.88): We hold twenty October 40 puts for an average 1.21. Thursday’s peak at 49.15 fell just 0.25 points shy of a hidden-pivot target I’d furnished, so we should allow for the possibility that the short-term trend has swung bearish. However, a close above 49.40 would indicate that Citi is still on-track for a run-up to 52.52, my minimum upside target for the next 2-3 weeks.
+ GG (14.71): We hold 300 shares for an average 5.34. Here are two upside targets, one of them new, that we can use as minimum projections for the next 3-5 days: 15.97 and 16.59. If and when the first is exceeded by more than 0.02, consider the second likely.
+ HL (5.79): We hold the December 7.50 – October 7.50 calls spread ten times for 0.30. A crucial hidden-pivot support lies at 5.61, and its slight breach would portend a correction down to at least 5.44. Alternatively, a close above 6.59 would set Hecla on fire, but I doubt it’s quite ready for that.
+ RANGY (13.43): We hold 400 shares for an average 10.12. While RANGY noodles around, let’s roll out two inspirational targets that are easily reachable on the next big push: 16.54 and 18.76, both hidden pivots, the first minor, the second not.
$ + RGLD (20.12): We hold 400 shares with an 11.88 basis. Immediate potential is to 21.06, as noted here yesterday. Accordingly, let’s try to take some profits by offering 100 shares to close, at 21.03. Make it a day order.
IBM (89.28): I’d expected IBM to pull back some, though not as viciously as it did. Now it’ll take a booster-stage rally of at least 3.95 points, starting from somewhere between here and no lower than 84.65, to jump-start the bull cycle begun in early August.
$ + EBAY (57.50): We’re long two October 60 calls for a 1.75 CREDIT apiece. They’ll be catch-as-catch can today, but don’t be greedy if the opportunity should arise to squeeze a paltry 0.20-0.30 out of them.
