-- Posted Wednesday, 7 March 2007 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
Wednesday, March 7, 2007
“Phenomenally accurate forecasts”
Bulls made a solid effort yesterday to get something going, but it will take more than a 157-point Dow rally to re-engage our interest. Yes, we still have that unachieved target at 13045, a Hidden Pivot that lies 250 points above the recent record high. But it looks like the Matterhorn relative to the lows recorded earlier this week, and in any event we don’t fancy jumping aboard at these levels just because a few pundits took yesterday’s surge as evidence that bull-mania had returned.
Even so, we’re obliged to acknowledge that it would not take much to make true believers of us, if only for the few weeks it might take for the Industrial Average to reach 13045. Specifically, we’d need to see the Dow Industrials push above the 12351 peak shown in the chart above, preferably before Friday. Given that the peak sits just 144 points above yesterday’s close, our challenge could be chopped liver as early as this morning, even before Wall Streeters have had their second cup of coffee.
We’ve set an alert on our trading chart a hair above 12351. If it’s hit, the prospect of yet another record high in the Dow would become something less than a longshot -- much less, as far as we’re concerned. And if, better yet, the benchmark is hit in the early going today, a follow-through to new all-time highs would start looking like an even-money bet.
***
Want to Forecast Like a Pro?
Plans for the first online Hidden Pivot seminar are nearly complete. The two-day event will be held via Webex in late March or early April, most probably on successive weekend mornings. There will also be at least one lengthy Q&A session to follow, just as there has been on Sunday afternoons to conclude the on-site course.
This will be an excellent opportunity for those of you who were unable to attend the classes I gave last year in New York, Sydney, Vancouver, San Francisco and Denver. If you’ve visited the chat room and marveled at the forecasting skill of seminar grads, this seminar is designed to quickly bring you up to their level. While I cannot guarantee that the course will turn you into a fabulously rich trader, I can promise that with a little diligence and practice, your ability to precisely predict price reversals in stocks, indexes, options and commodities will be at least as good as anyone whose forecasts you have ever paid for.
I will be able to offer this course for under $1,000, since many of the expenses that I've incurred in holding a “live” seminar – including hotel and travel costs, and the rental of a conference facility -- will not be a factor. If you are seriously interested in attending, click here to get on the mailing list.
***
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 Wednesday, 7 March 2007 | Digg This Article | Source: GoldSeek.com
