-- Posted Tuesday, 3 July 2007 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
Tuesday, July 3, 2007
“Phenomenally accurate forecasts”
Remember the joke about Russian workers and their Communist bosses? “We pretend we’re working and they pretend they’re paying us.”? Now it’s the American worker’s turn to play make-believe. With July 4th falling on a Wednesday, this week was over last Friday as far as U.S. productivity is concerned. On Wall Street, the bulls won’t even have to pretend they’re working. Indeed, “seasonality” is so blithely powerful at the moment that rallies will tend to happen almost by themselves, as though willed by some cosmic force as oblivious to reality as the dolts and shills who champion stocks each day on CNBC.
Take yesterday, for instance. In the 390 minute from bell to bell, the S&Ps did nearly all of their correcting in about 20 of those minutes. The other 370 were spent with stocks moving either sideways or higher -- much to the torment of those who had bet Friday’s sullen price action would spill into July. Not a chance. Or at least, statistically speaking, not a very good chance.
From a Hidden Pivot standpoint, there were no surprises in Monday’s little wilding spree. Around mid-morning, we posted a note in the chat room reminding you that the E-Mini S&Ps were about to touch a 1523.25 correction target. As you can see in the chart above, they did so with two-decimal precision. What this implies is that tomorrow, when stocks resume their patriotic waft, we can assume the E-Mini-S&Ps will be bound very precisely for the Hidden Pivot rally target that is 1523.25’s soul-mate. In the Touts section of Tuesday’s newsletter, I have identified this target and made it a Pick of the Day. It is for those who are stuck in the office while the boss has gone off to screw the pooch. I dimly remember that feeling myself.
This year, with any luck, I’ll be on my third Margarita, grooving on the rushing torrent of Boulder Creek when my order auto-fills at some server farm in a converted warehouse in Nebraska.
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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 Tuesday, 3 July 2007 | Digg This Article | Source: GoldSeek.com
