LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek.com to Launch New Website
By: GoldSeek.com

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA

 
Search

GoldSeek Web

 
The Next THOUSAND Dow Points

By: Rick Ackerman, Rick's Picks

 -- Published: Thursday, 26 January 2017 | Print  | Disqus 

http://www.rickackerman.com/wp-content/uploads/2017/01/The-next-1000-points-in-the-Dow.jpg

I had proffered a 2324.00 Hidden Pivot here yesterday as a swing-for-the-fence number, but during this morning’s weekly tutorial session — attended by a record 30 webinar grads! — we were able to identify a new and even more ambitious target at 2403.30. Judging from the way buyers ripped through the red line (see inset), a midpoint ‘hidden’ resistance at 2213.15, I’d estimate that the 2403.30 target has about a 70% chance of being reached. If so, the move would equate to a 1000-point rally in the Dow Industrials, to around 21,049. This scenario seems implausible with a housing bust shaping up in the background. Existing home sales fell 2.8% in December after rising for three consecutive months. The moderate strength in Q4 2016 is attributable to buyers’ eagerness to beat a further rise in mortgage rates, which have already climbed by 70 basis points from their 2016 lows.  It seems all but certain at this point that 2017 home sales will fall short of last year’s mark — perhaps far short. As much could be said about auto sales, which will be coming up against 2016’s record 18.4 million vehicles. Under the circumstances, we might infer that the stock market is out of its ever-loving mind to be trading at these levels. Even so, although I trust my judgment about the shakiness of the U.S. economy, I trust my technical forecast even more. If that makes me the most bullish permabear in the guru world right now, I’m quite comfortable being out on a limb. If you don’t subscribe, click here for two weeks' free access to Rick's Picks, including daily, actionable 'touts', round-the-clock updates, impromptu tech analysis sessions online, and a chat room that draws experienced traders from around the world at all hours of the day and night.


| Digg This Article
 -- Published: Thursday, 26 January 2017 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.