-- Posted Tuesday, 1 July 2008 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
Tuesday, July 1, 2008
“Phenomenally accurate forecasts”
The chart below is a picture of bears baiting each other, and it’s as good an excuse as a trader could find to take the rest of the week off. Yesterday, when a flurry of unpersuasive selling dried up in the first 30 minutes, DaBoyz evidently set their flinty little hearts on the goal of popping the E-Mini S&P above Friday’s peak, a 1291.75 print that was recorded in the dead of night. Notice how the initial rally reached 1291.25, a coy three ticks shy of triggering stop-losses just above Friday’s high. At that point, the following note was posted in the chat room: “I don't think the rationale exists to take stocks higher than Friday's high, so if it's taken out, look for a running of stops but no follow-through.”
Just so. The futures spent the next hour-and-a-half flagellating bears with shallow dips that were followed by feints toward the alarm bell at 1292.00. They finally tripped a Condition Orange with a single print at 1292.00, and that was it for the day. The futures never traded any higher than that, plunging to as low as 1279.00 intraday.
Are traders perhaps acting out of spite, vexed by a calendar that has failed this year to reward working stiffs with a Fourth of July falling on a Tuesday or a Thursday. Either would have meant a four-day weekend, not the chintzy three day-err that is bearing down on us. Last year the Fourth fell on a Wednesday – perhaps the most appealing day of all, since it gives the working man the option of screwing the pooch all week long, regardless of whether his employer designated Monday and Tuesday, or Thursday and Friday, or neither, as an official holiday. Next year, Independence Day falls on a Saturday, so workers might have to take matters into their own hands. Employers who plan to keep the office open that Friday might want to consider springing for a keg and some sparklers to make the lunch hour special.
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Last Chance to Take Seminar
Because of family vacation plans, I will be able to offer the Hidden Pivot Seminar only once this summer – on two consecutive weekday evenings, July 23-24. If you’ve been thinking about signing up, now is the time to do it, since once this class is full there will not be another opportunity to take it until fall. Click here, and then on the “Upcoming” tab to register; or here if you would like more information as well as a detailed description of the Hidden Pivot Method and a free Hidden Pivot calculator (our latest model, perfect for beginners).
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Saving America
We don’t have any easy answers, but we’re hoping to hear from readers with ideas about how to return the U.S. economy to health. The person who submits the best essay on the topic What Will Save America will receive not only a scholarship to the Hidden Pivot seminar, but also unlimited access to post-graduate tutorial sessions held each week during market hours. The value of this package is $1,150, and a week into the competition we’ve received no fewer than 21 submissions, including one that argues that Americans need, more than anything else, to get serious about diet and exercise.
Essays should be 750 words or less and must be received at this e-mail address by no later than July 15. For details about the Hidden Pivot seminar and comments from those who have taken it, click here.
Our own idea about how to save America is to become a global leader in energy. A solution that works for the whole world would be a triumph for Yankee know-how on a par with the invention of the automobile assembly line. To stimulate thought on this topic and others, we will be presenting occasional guest commentaries by people with backgrounds in science and engineering. Economists need not apply. In the meantime, we welcome any contributions at the e-mail address linked above. We’ll print the best of them once the competition has concluded next month.
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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 © 2008, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Tuesday, 1 July 2008 | Digg This Article | Source: GoldSeek.com
