-- Posted Friday, 15 June 2007 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
Friday, June 15, 2007
“Phenomenally accurate forecasts”
Stocks have recouped only about two-thirds of last weeks losses so far, but I wouldn’t bet against a finishing stroke today that finishes the job. It’s Friday Follies day, after all, and that is typically when zany, crazy opportunism reaches its apogee on Wall Street. Perhaps that’s why the broad averages went into a holding pattern yesterday after rallying sharply for about the first hour: they were saving their energy for Friday, when it’s easier for the short-squeeze artistes, keister-bandits, thimble-riggers, broad-tossers, shills and pederasts who ply their living on the Street to stir up profitable mayhem without even breaking a sweat.
I have Friday on my calendar as the start of a new moon, which, if memory serves, supposedly brings out the bearish tendencies in the stock market. If so, that could imply that the Dow Industrials will be up a mere 150 points rather than 200. In any event, we were bullish at the close on Thursday, if only because the E-Mini S&Ps slightly exceeded our rally target for the day. Here’s the actual Tout that was sent out the night before, after the September contract closed at 1531.00: “The futures looked to be bound for at least 1540.75 when the bell rang yesterday. If they merely get to 1538.50, however, surpassing the peak identified in the graph, they will have created a bullish impulse leg capable of supplying buoyancy into week's end. The target looks a little too pat to be worth shorting, so we'll just spectate for the moment.”
As it happened, the E-Mini peaked 1.25 points above our target in the early going – not much of an overshoot, but sufficient to suggest that the bulls would continue to dominate. They did so quietly, trading for most of the session in a tight range that seemed impervious to sellers but without displaying any eagerness to push toward new highs. It will take a 137-point rally in the Indoos today to wipe out last week’s losses. To repeat: I wouldn’t bet against it. Better still, if Da Boyz fade a weak opening, the first 15 minutes of the session could be the only decent buying opportunity we’ll see.
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Online Seminar: Last Call!
Only a few students have signed up so far for the June 30-31 online Hidden Pivot Seminar, so if small class-size appeals to you, this is the session you’ll want to attend. The seminar will likely be the last I will offer at a time of day that is convenient to students from Australia and New Zealand, but the show will go on regardless of how many students enroll.
If you have been waiting for just such an opportunity, please click here (then click the “Upcoming” tab) to reserve a place in the classroom, or here for detailed information about the course itself. Incidentally, these hours will work for anyone in the U.S. who would prefer to take the course in the evening. The hours, in Eastern U.S. time, are from 6:30 p.m. to 9:30 Friday and Saturday, June 29-30. This translates to 8:30 a.m. to 11:30 a.m. Sydney time, Saturday/Sunday; or 6:30 a.m. to 9:30 a.m. Hong Kong time.
Free to All Graduates
Incidentally, all seminar grads will soon have free access at all hours of the day to a recorded version of the seminar, as well as to the Q&A forums held in conjunction with each class. In addition, I am in the process of creating an advanced tutorial built around some especially difficult charts. It will also be free to seminar grads and accessible round-the-clock.
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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 © 2007, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Friday, 15 June 2007 | Digg This Article | Source: GoldSeek.com
