-- Posted Friday, 6 March 2009 | Digg This Article | Source: GoldSeek.com
Rick’s Picks Friday, March 6, 2009 “Phenomenally accurate forecasts” The E-Mini S&P futures did a touch-and-go landing yesterday that came within a hair of a 675.50 target we’d drum-rolled from 50 points higher. Officially, the three-tick miss was as good as a mile, and so we did not officially initiate a long position in the S&P mini-futures. However, and fortunately, some Rick’s Picks subscribers front-ran the order aggressively, buying just above the low print of the day at 676.25. Having been away from our desk during the final hour, we were initially concerned that an excellent buying opportunity might have been missed. But conversation in the chat room assured us otherwise.
The following snippet will give you some idea. It sounded like chatter from the LaGuardia flight tower with two planes headed for a collision. The S&P futures had been down 200-250 Dow points for most of the session, but the equivalent 680-level floor under the E-Minis appeared to be buckling in the final half hour: MikeS: who's gonna buy 675.50? Paulie: amazinggggg Duke: me Duke: buying from here MikeS: buy-limit in :) LC: without access to the real time --what’s so amazing?? MikeS: u front running the 675 Duke? Duke: yes, loading some layers LC: Is it selling off to the 675? MikeS: I will be patient Paulie: Well, the market just dropped off the cliff after grinding all day down 225 to 250. Real money popped, big GLD buying suddenly. Q's crashed after grinding away. It's just neat to watch. Maybe another 100 to go in the Dow if lady luck is here. Paulie: Nothin' like minus 300 or 400 to freak out Katie Couric Traderand: anyone long the ES? Duke: multiple lots so far, one more at exact Rick’s # Sportsdoc: Duke buying now vs. waiting for Rick pivot? Duke: I have orders at Rick’s #, did some others bit higher Duke: big bet for me, I am long euro, short gold, long ES, all depends on Rick’s tout. Booce: looks like lots of front runners Traderand: I will keep my order @675 flat without the 0.50 Booce: mine at 676 Sportsdoc: filled all my shorts, covered 676.75 JeffH: I'm at 675.75 Sportsdoc: waiting and watching Duke: ES too.. MikeS: partial fill 678 Traderand: Wow! I see some very impressive numbers in this room, folks. Duke: out 1/2 ES position, hehe I will bring the price down for ya. JeffH: Thanks for the effort Duke Booce: damn you Duke, didn’t even leave crumbs Traderand: that Duke is a serious threat JeffH: Plunge Protection Team, or Duke? Traderand: Isn’t it the same thing? Jack: Nice day for me, but couldn't we have gotten another couple more ticks down on ES? Paulie: Well. Bonsoir. Nice battle, Duke! At least you engaged the enemy on several fronts and let 'em have both barrels. Jack: Canceling my ES bid. As Booce says, sloppy seconds aren’t good Duke: THANK YOU RICK, that was very big bet Audrey: Hey Duke...you did well today, I'm sure Duke: Thanks to ricks tout.. Audrey: Yes, I am holding the ES long And the Rebound… And so it went. The futures had rebounded as high as 688.25 in after-hours trading, and so we advised subscribers to take some profits off the table. But we also suggested letting a portion of the position run, since the bounce looks like it’s got potential. Our stock-market outlook calls for much lower prices eventually, but over the very near-term we can afford to wait and see. *** Rick's Picks publishes a daily trading newsletter for gold, stock, commodity, and mini-index traders 240 times per year. 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 © 2009, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Friday, 6 March 2009 | Digg This Article | Source: GoldSeek.com
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