LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek.com to Launch New Website
By: GoldSeek.com

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA

 
Search

GoldSeek Web

 
Scenic Colorado

By: Rick Ackerman, Rick's Picks


-- Posted Tuesday, 17 July 2007 | Digg This ArticleDigg It! | Source: GoldSeek.com

Rick’s Picks

Tuesday, July 17, 2007

“Phenomenally accurate forecasts” 

I was away from my office and the Rick’s Picks chat room Monday, returning from a weekend with a college buddy, Peter Ricciardelli, who lives in Telluride. The loop that I drove took in some of the most scenic vistas in the Rockies.  On Saturday morning, I had dropped my son off for a week of kayaking on the Green River in Utah. We arrived at his rendezvous point a little early, and I mistook a rugged-looking bunch of smokejumpers for kayakers. They had come to Grand Junction, Colorado, from Utah but were being redeployed to Washington State, where, they said, some bad fires had recently erupted.

After depositing my son with his river group I headed south to Telluride, pulling into town just as the sun’s last, brilliant rays were setting the peaks ablaze. The next morning, Peter and I went aloft in his single-engine Cessna, taking in the scenery from around 17,000 feet. The view from this height is quite different from the one we see from commercial jetliners, which typically fly at more than twice our altitude. Our 45-minute tour overflew the Silverton-Durango train line, a narrow-gauge railroad built in the 1880s to haul ore from the San Juan Mountains. It’s one of the top tourist attractions in Southwestern Colorado, and although my wife once worked as a guide for tours that came through that area, we’ve yet to take a family ride aboard the coal-powered Silverton-Durango train.

No Surprises

I arrived home early Monday evening, having failed to beat the Denver rush hour. The markets appear to have done little in my absence.  We were looking to get short in a few select vehicles, but only Google among them made it to its rally target. This implies the broad averages will soon be in bullish gear again and moving higher, since Google is as good a proxy as we could have for the lunatic mentality that has been driving stocks into thinner and thinner air. Google need only have exceeded a Hidden Pivot at 555.76 by a few pennies to show its pluck, but the stock obliterated that resistance on its way to an intraday high at 558.58.  The $3 overshoot all but clinched a thrust to a new Hidden Pivot that I’ve identified in today’s Touts. Since the new target has been a while in coming, we might expect a tradable correction when the stock gets there. However, it’s still too early to determine how much the August near-the-money puts will be selling for at that time, so we’ll hold off on detailed instructions for now.

Gold also disappointed when the August Comex contract popped a few ticks above a midpoint Hidden Pivot in the early going, only to succumb to gravity just as quickly.  The move above the midpoint resistance was bullish, but I’d stipulated that the futures would need to close above it to signal an imminent thrust to our next target, a moderately ambitious one.  However, despite yesterday’s weakness the futures remain in good position to make their move. Indeed, the target will remain viable as long as 660.30 is not breached to the downside. 

***

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, 17 July 2007 | Digg This Article | Source: GoldSeek.com




 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.