Dow 27,463 Still Looks 'Interesting'

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Published : July 25th, 2019
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Category : Opinions and Analysis

The bull market has been chugging along for more than ten years, so there’s little point in pretending we know precisely where or when it will end. However, neither should we ignore the fact that the Dow, having traded as high as 27,399, is mere millimeters from a key ‘Hidden Pivot’ resistance at27,463. As a practical matter, because this is a logical place for a top of at least middling importance to form, we can lay in a small put position just to have a horse in the race.  Tune to theRick’s PicksTrading Room for more-detailed guidance in the week ahead. We’ll be looking to buy a small quantity of put options with 3-4 weeks left on them and which sell for 0.80 or less. Use274.42for a target in DIA, since it is closely equivalent to the one at 27,463 given above.

www.rickackerman.com


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Rick Ackerman is the editor of Rick’s Picks, a daily trading newsletter and intraday advisory packed with detailed strategies, fresh ideas and plain old horse sense.
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