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-- Posted Tuesday, 30 December 2008 | Digg This Article | Source: GoldSeek.com
Rick’s Picks Tuesday, December 30, 2008 “Phenomenally accurate forecasts”
I’m seated in the corner of a Boulder café, ruminating on the day’s events, including a trade in the E-Mini S&P that we missed by a hair. The bid I’d suggested was intended to leverage a fat-and-juicy Hidden Pivot support at 852.75, but the actual low occurred two ticks above it, at 853.25. The subsequent rally trampolined 19 points, raising the question of whether we got front-run on our own advice. It’s possible, at least, since the target had been up on the Touts “billboard,” so to speak, for a few days. I may be able to avoid having my targets “stolen” by posting them in the chat room right before they get hit. Regardless, it would appear that drum-rolling them a day or two in advance risks undercutting the kind of delicately precise intelligence with which I try to equip subscribers. The target itself was mildly important to the short-term picture, since the E-Mini’s apparent reluctance to pull back to it hinted of strength, or at least of a temporary shortfall in selling power, in the waning days of 2008. Seasonality will be powerfully on the side of bulls until next Monday, but if yesterday’s bounce from a subterranean Hidden Pivot was the best that bulls can muster, then come January, look out below! Not that our expectations for a Santa rally should have been any higher than, say, Macy’s.
Zip Code Man Funny story: I bumped into a guy at the café named David Raifsdeitcher, an accomplished busker who is better known in Boulder as the Zip Code Man. In his act on Pearl Street, he gathers fifty or so people within a chain-link outline of the U.S. map. He first asks what your zip code is, and when you respond, say, 08406, he places you in the approximate location of Ventnor, New Jersey. Then, one person at a time, he recalls where each is from and also names some bar or restaurant that he supposedly visited in that town. His prodigious memory notwithstanding, every time I bump into David I have to re-introduce myself because he can never remember my name. Side note: The Zip Code Man is quite a juggler and can get seven objects into the air without breaking a sweat. *** 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, 30 December 2008 | Digg This Article | Source: GoldSeek.com
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