-- Posted Wednesday, 4 July 2007 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
“Phenomenally accurate forecasts”
Stocks marched patriotically higher on Tuesday as anticipated, but the rally was not quite strong enough to get us short intraday as we’d recommended. Our bullish targets for the Mini-S&P, August Crude and the QQQs will remain valid when the markets open and begin to feign activity Thursday and Friday, but we should be extra cautious about laying out shorts that we would not in any case be carrying over the weekend.
AAPL shares failed as well to reach our rally target even though maniacal buying drove the stock nearly $6 higher on the day. Our goal is actually a double target representing two important Hidden Pivots that are closely coincident. Both come from the weekly chart, and that is why we have suggested shorting VERY aggressively if and when our magic number is reached.
We remain quite confident that AAPL will do exactly what we expect of it, so if you’ve been carrying a long-term position, the stock’s presumptive last gasp offers the best opportunity we’ve seen in a long while to adjust positions by way of some always-patriotic profit-taking. We are in fact so confident in the target that it should be viewed not only as a great place to take profits or to get short, but also as a minimum upside objective. To repeat: Apple WILL get there. However, if it should push more than 10-20 cents above it, we would have to consider the possibility that Apple is in a parabolic blowoff that could eventually resemble the one traced out by the shares of Radio Corp. in the months leading up to the 1929 Crash.
Regarding gold, we’ve been bullish each mincing step of the way lately, but Tuesday's dive was not difficult to foresee if you applied a simple Hidden Pivot rule. Notice in the chart above how the August Comex contract failed to surpass the wimpy little peak at 662.20 that was recorded on June 20. That textbook “look-to-the-left” peak is not even on the radar of conventional chartists, but anyone who has completed the Hidden Pivot course seminar will recognize its crucial importance as an indicator of the bull’s robustness. The fact that it was not exceeded on the first try argues against conjecture that the now week-old rally in Gold will amount to much.
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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 Wednesday, 4 July 2007 | Digg This Article | Source: GoldSeek.com
