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-- Posted Friday, 2 June 2006 | Digg This Article | Source: GoldSeek.com
Rick’s Picks Friday, June 2, 2006 For investors who’d rather be smart than lucky If you’ve been wondering when gold’s correction will end, threre may not be much longer to wait. There are three hidden pivots not far beneath the 630.70 low registered yesterday by the Comex August contract, the most bearish of them just a whisker under $600. I’ve provided exact numbers in my Touts for Friday so that you can attempt bottom-fishing at any or all of them with extremely tight stop-losses. I’ve also ranked them in order of appeal. This should allow you to tighten stops even further, and/or to advantageously time the purchase of shares in any of the dozens of mining stocks that Rick’s Picks tracks and analyzes. Meanwhile, we’ve added a couple hundred shares of Miramar Mining (MNG) at what turned out to be yesterday’s exact low, 3.43. The purchase established a real-time tracking position for a subscriber who had queried me about MNG during Wednesday’s online Q&A session.
Hidden pivots also proved useful in gauging the strength of yesterday’s rally, which together with the previous day’s move recouped almost the entire 184 points of Tuesday’s decline. I’d noted in my overnight comments for Thursday that if the Mini-S&Ps got past a hidden-pivot resistance they were butting against at 1274.00, they would continue up to at least 1292.50. The actual high yesterday fell about five points shy of that pivot, but there was little doubt that, unless the world ended overnight , the futures would reach it by early in today’s session. They’ll need to do slightly better, though, achieving 1296.75, to set the stage for a running of the bulls next week. For your information, a target for the Dow Industrials analogous to the 1292.50 pivot in the Mini-S&Ps lies at exactly 11323.19. A rally to this number, at least, became an odds-on bet after the Indoos breached 11207.17, a lesser hidden pivot that I’d flagged before yesterday’s opening.
From a practical standpoint, I am looking forward to a broad rally because it will fatten the opportunity we’ve been seeking to short eBay, Citi et al. Any rally at this point begs to be shorted, of course, but not in a way that we can get hurt, even if we are dead wrong. As much could be said for bottom-fishing in gold, whose extremely bullish prospects seem almost beyond skepticism, notwithstanding the nastiness of this correction.
*** Oz Seminar a ‘Go”
The hidden pivot seminar in Sydney, Australia is a definite, since no fewer than fifteen of you have told me you’ll be there. New York is first, though, in early October, and it will be a no-frills version of the course that I gave in Denver. After that there will probably be just one more session offered – in San Francisco, late in 2006 or early 2007 -- but that would be the last for a long while. If you would like to attend any of these sessions, please let me know asap via e-mail. The course includes post-grad mentoring in a chat room forum. *** Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers’ initials will be used unless express written permission has been granted to the contrary. All Contents © 2006, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Friday, 2 June 2006 | Digg This Article | Source: GoldSeek.com
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