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Clock About to Run Out on Wall Street's Weasels

By: Rick Ackerman, Rick's Picks

 -- Published: Monday, 21 December 2015 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2015/12/Fridays-climax.jpg

Violent short squeezes are the only mechanism DaBoyz have left to sustain the illusion of a bull market before the clock runs out on their crooked game in 2015. A New Year’s mood change is surely coming on Wall Street, since investors will have to face the blunt reality that this is no time for the Fed to tighten. China’s bubble is imploding, and an out-of-control dollar is about to kill U.S. exports and the earnings U.S. multinationals. As you can see in the chart, DaBoyz’ best efforts to keep the game going have accomplished little more than creating a very un-bullish series of lower highs and lower lows. Seasonality should have made it easy for portfolio managers to push the broad averages to new record-highs in December; however, even with holiday tailwinds at gale force, they’ve failed at it.

On Friday, the Dow looked bound for the 17076 target shown (see inset), a Hidden Pivot support, when the closing bell brought an end to the savage sell-off.  The Indoos ended the week too close to the target to offer a good shorting opportunity on Monday, but traders can attempt bottom-fishing with a tight stop. I would ordinarily suggest using DIA for this purpose, but it hit a corresponding target at 170.87 when trading ended last week. The target is both compelling and instructive, and it can be found on the hourly chart using these coordinates: A=179.67 on 11/4; B=171.30 on 11/13 (after-hours); and C=179.04 on 12/2.  Click here for a free trial subscription that will allow you to access the chat room, Rick’s daily touts and intraday alerts, and ‘impromptu’ analysis sessions online for two weeks.

 


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 -- Published: Monday, 21 December 2015 | E-Mail  | Print  | Source: GoldSeek.com

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