-- Posted Friday, 5 January 2007 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
Friday, January 5, 2007
“Phenomenally accurate forecasts”
My short-term outlook for the precious metals sector has been negative and still calls for a drop of at least 7% in bellwether Newmont to 40.94. Even so, we could still cross our fingers and root for a potentially important turn in the XAU as early as this morning. That’s because a compelling Hidden Pivot support lies not far beneath yesterday’s lows. Precise instructions for bottom fishing there with a very tight stop-loss are given in the Touts section of the newsletter, so check it out if you’re interested.
As it happens, we were minutely focused on the XAU Gold & Silver Sector Index all day in the chat room, since many of you seemed more than a little interested. The discussion began when someone asserted that the XAU, currently trading around 134.43, would see 150 before 117. I’d take the odds on that one, and I explained why in some detail. In brief, though, the failure of the index to take out September’s 153.15 peak on its last rally left me with a mildly bearish bias. Mind you, I don’t see any catastrophes ahead, only a continuation of the correction that has constrained bullion and precious-metal shares since May.
Whatever happens, there is no reason to be anxious about it, since I’ve also stated very precisely what would cause me to change my mind. For if Gold is indeed ready to turn around in a big way, it cannot possibly do so without signaling us on the intraday charts. A bullish impulse leg on the 15-minute chart is all it would take to get me cheering with the crowd, but until I see such a thrust I will continue to view precious-metal stocks with the same heartlessness that I have always tried to bring to my analysis. If all of that sounds too depressing, check out the current Tout for DROOY, an erstwhile dog that has been tortuously making its way down to a buy-able target that I first broached in the newsletter a month ago. I’ve recommend a thousand-share purchase at a very promising Hidden Pivot – so promising, in fact, that a pennies-tight stop-loss can be employed.
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London Seminar
A Hidden Pivot seminar in London appears likely, judging from the strong initial response. If you’re interested in attending a two-day class there, probably sometime in the spring of 2007, please let me know via e-mail, including your contact information. The cost would be $1,500 USD.
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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, 5 January 2007 | Digg This Article | Source: GoldSeek.com
