-- Posted Tuesday, 15 July 2008 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
Tuesday, July 15, 2008
“Phenomenally accurate forecasts”
We had Armageddon in mind when we sent out bear-market price projections for a list of bank and financial stocks in early June. At the time, we noted the following: “The attached charts when taken together suggest that U.S. financial stocks are verging on a selling panic. The picture becomes even more compelling when you consider the recent plunge in base metals and the bullish stirring in junior golds.”
However, even in our most bearish imagination we could not have foreseen that most of the stocks on the list would be at or below their targets within a mere six weeks. But they are. And that’s the good news. The bad news is that, based on our original projections, a few titans on the list still have quite a ways to fall before they could be expected to bottom.
Here are the price projections that we originally disseminated, along with yesterday’s closing prices:
As you can see, the shares of Lehman, Citigroup, Merrill and UBS still have a lot of room to fall if they are to achieve their targets. As for Fannie Mae and Freddie Mac, we gave no price projections at all, since both looked like they would eventually fall to zero. The jury is still out on that one, but we wouldn’t bet against it.
We were confident in these numbers then, and we are confident in them now. We will update with lower targets for the stocks that have already achieved their original price projections. The new numbers will be published on the subscriber page of Rick’s Picks, but if you are a non-subscriber and would like to be apprised, simply click here.
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Last Chance to Sign Up
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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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, 15 July 2008 | Digg This Article | Source: GoldSeek.com
