This flying porker begs to be shorted, but we’ll need to be careful about how we do it, since it has the teeth and disposition of a great white shark. This is true for technical reasons as well, since the current, short-squeeze rally is coming off a low that did not quite reach the secondary pivot at 65.21 (see inset).  That’s incipiently bullish, a prospect that has been rendered even clearer by the rally’s having since exceeded two peaks on the daily chart.  We’ll want to short the midpoint of the next rally leg, but we can do so more aggressively if we’re long on the way to it. For real-time guidance on this, tune to the chat room if and when BKX pulls back to 69.72. The stock needs to correct at least that far to be presumed ready for a follow-through rally. Click here for a free two-week trial subscription to Rick’s Picks that will give you access not only to daily trading ‘touts’, bulletins, updates and impromptu trading sessions, as well as to a 24/7 chat room that draws veteran traders from around the world.

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 -- Published: Tuesday, 13 October 2015 | E-Mail  | Print  | Source: GoldSeek.com

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