-- Posted Tuesday, 30 January 2007 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
Tuesday, January 30, 2007
“Phenomenally accurate forecasts”
Most mining stocks couldn’t hold onto the modest gains they’d racked up early in yesterday’s session, but before you sink into despair take a look at the chart below:
What it shows is a promising impulse leg in January – a rally that for two solid weeks never gave up ground for more than a single day. The rally also surpassed three prior peaks in the process, or 1.5 more peaks than needed to qualify as a bonafide impulse leg. The implication is that any correction from this point on is just that – a renewal phase to build thrust for Gold’s second push above $700 since the 1970s.
The correction so far has shaved a little more than two percent from last week’s high of 661.50, touching a low yesterday of 646.60. The pullback need only have reached 654.90 to be considered adequate to set the stage for another bullish surge. However, the current weakness could come all the way down to as low as 631.50 without cause for concern. That last number would be equivalent to a 0.618 retracement of January’s impulse leg.
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Q&A at GoldSeek
I’ll be conducting an open Q&A forum at GoldSeek.com this Thursday, the second such session in a continuing series. During the first half of the planned hour-long session I will answer questions about stocks, indexes, options and commodities that you have e-mailed me in advance. You can do so by clicking here or by pointing your browser to the following URL: http://www.goldseek.com/chat.php. To actually enter the chat room for the real-time Q&A that will follow, you should pre-register by clicking here or by pointing your browser to this URL: http://www.goldseek.com/chat/.
Readers might also be interested to know that my daily essays on a wide variety of topics will continue to be available at GoldSeek and other sites frequented by traders and investors. With respect to one singularly important topic in particular – deflation – I aim to provide, as always, some of the most provocative and illuminating commentary you will find on the web.
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Seminars in Atlanta and Boca Raton
I’ve received numerous requests to offer Hidden Pivot seminars in Atlanta, Georgia, and Boca Raton, Florida. I will do so if there is sufficient demand, so please let me know if you would be seriously interested in attending in either place. The two-day class would probably be held sometime in the spring of 2007. Contact me via e-mail, including your contact information and choice of locales. 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 Tuesday, 30 January 2007 | Digg This Article | Source: GoldSeek.com
