-- Posted Wednesday, 14 October 2009 | Digg This Article
| | Source: GoldSeek.com
Rick’s Picks
Wednesday, October 14, 2009
“Phenomenally accurate forecasts”
Stocks were going bonkers early Tuesday evening, presumably celebrating better-than-expected quarterly earnings from Intel. The chip maker announced after the close that business has been strong, driven mainly by back-to-school purchases of notebook computers. The news evidently had been leaked all over the Street, causing traders to push the chip maker’s shares to a 52-week high earlier in the day. However, DaBoyz waited until after the close to spring a trap on stock-market bears, gunning for thin offers in the illiquid markets that typically obtain at night.
Indeed, most of the round-the-clock issues we track were getting squeezed higher, threatening to send shorts scrambling at the opening bell Wednesday morning. Akamai (AKAM), for one, a stock whose purchase we recommended in August when it was trading for around $17, was hovering near 21.18, 38 cents above the day day-session close. And Google, still one of the best stories on Wall Street, was brushing up against 530 a share after settling on the close at 526.33. At this rate, the stock could reach the 553.87 target that we sent out to subscribers in mid-September earlier than expected. The Web-search Leviathan’s shares were trading around 488 at the time.
Gold Barely Flinches
Gold futures remained stolid in the face of this surge in bullish hubris. The Comex December contract was unchanged at $1065 per ounce as of 7:30 p.m. EDT on price oscillations too subdued to yield any hints of tomorrow’s mood. Earlier in the day, the Decembers had climbed to within less than $5 of the 1074.50 target we’ve been using as a minimum upside projection since early May. It’s taken longer than we might have expected to get there, but now that the futures are about to interact with the target, a “Hidden Pivot,” we’ll be able to determine with confidence whether they are feisty enough to get us to the next target, 1134. We’ve advised long-term bulls to lighten up at these levels, but it may not be for long if there is as much strength percolating beneath the surface as we suspect there is.
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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 b 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 Wednesday, 14 October 2009 | Digg This Article | Source: GoldSeek.com
