LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek.com to Launch New Website
By: GoldSeek.com

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA

 
Search

GoldSeek Web

 
CNBC Madman Not All Blather

By: Rick Ackerman, Rick's Picks


-- Posted Thursday, 18 January 2007 | Digg This ArticleDigg It! | Source: GoldSeek.com

Rick’s Picks

Thursday, January 18, 2007

“Phenomenally accurate forecasts” 

After watching Jim Cramer’s “Mad Money” on CNBC yesterday for the first time, I’m forced to admit that he’s not all blather. Actually, it was the first time I’ve tuned to Cramer with the sound on, although I’ve watched him soundlessly many times on the hermetically sealed sauna-room TV at the local gym. Even with the sound off, you’d swear you can hear the guy, since practically every word he utters is punctuated by the kind of body language and wild-eyed emphasis that makes us all lip readers.

His latest rant was a warning to bail out of tech stocks now, since the calendar all but decrees that most of them will be falling between now and August. Could smart investing be that simple? Perhaps, at least in this case. “Follow the herd” on this one, Cramer advised. I don’t have a copy of Yale Hirsch’s Stock Trader’s Almanac handy to affirm the wisdom of this advice, but it seems well in line with my own forecast for a key tech bellwether, Intel. Here is what I wrote in Wednesday’s Touts:  There's a compelling Hidden Pivot rally target at 23.50 that we'll attempt to short through tomorrow. Bid for two Feb 22.50 puts (NQNX) using whatever bid is reflected for them when the underlying stock first touches 23.45 on the way up. This is a day order, no stop-loss. The target comes from the daily chart, where A=19.03 (9/25/06) and B=22.50 (11/17).

In the event, we were a day late, since Intel opened on a gap lower due to disappointing earnings. The failure of the stock to surpass November’s key high, thereby creating a fresh, bullish impulse leg on the daily chart, will likely mark the end of the bull run begun last June. As Intel goes, so go the tech stocks? Well, not quite, according to Cramer. He thinks that five stocks are going to buck the trend:  Microsoft, Apple, Hewlett Packard, Google and Cisco.  It’s hard to argue with his selections, since all look great on their respective daily charts. From a Hidden Pivot perspective as well, they are unassailable, each being in an uptrend with a bullish target and no technical justification for inferring it will necessarily be the last. If I had to pick one from the bunch that might disappoint, it would be Cisco, whose daily chart is shown above. If the current selloff should touch 25.58, surpassing the two prior lows I’ve highlighted, that would create the kind of bearish impulse leg that I might worry about. Even if Jim Cramer would not.

***

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.

***

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 Thursday, 18 January 2007 | Digg This Article | Source: GoldSeek.com




 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.