Chart usGOLD   Chart usSILVER  
 
Food for thought
Now a promise made is a debt unpaid, and the trail has its own stern code
Robert W. Service  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1298.60-5.22
Silver 20.570.03
Platinum 1477.00-6.25
Palladium 879.802.05
WORLD MARKETS
DOWJONES 1704661
NASDAQ 446722
NIKKEI 1561889
ASX 558111
CAC 40 438338
DAX 968183
HUI 242-2
XAU 1020
CURRENCIES (€)
AUS $ 1.4295
CAN $ 1.4535
US $ 1.3412
GBP (£) 0.7917
Sw Fr 1.2161
YEN 136.9710
CURRENCIES ($)
AUS $ 1.0659
CAN $ 1.0837
Euro 0.7456
GBP (£) 0.5903
Sw Fr 0.9067
YEN 102.1270
RATIOS & INDEXES
Gold / Silver63.13
Gold / Oil12.93
Dowjones / Gold13.13
COMMODITIES
Copper 3.23-0.02
WTI Oil 100.47-1.20
Nat. Gas 3.76-0.01
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Wall Street Wishes Petraeus Were the Big Story
Published : November 15th, 2012
804 words - Reading time : 2 - 3 minutes
( 17 votes, 1.5/5 ) Print article
 
    Comments    
Tweet
Keywords :   Egypt | Facebook | Greece | Israel | Middle East | Portugal | Southern | Spain |

 

 

 

 

A stall has turned into a power dive on Wall Street, with some bellwether stocks plummeting toward key supports flagged here a short while back. One of those stocks, IBM, actually breached a “midpoint Hidden Pivot” support yesterday at 187.78, and that spells more rough days ahead for bulls. The actual low at 185.25 was not far beneath our proprietary support, 187.38, but the latter number should have held very precisely for the stock to avoid yet more carnage. Now, it looks like IBM will fall a further $8, to at least 177.56, before it will have another chance to gain traction.

 


 

Meanwhile, Google, another stock whose year-end performance will weigh heavily on portfolio managers’ bonuses, relapsed to an important Hidden Pivot support of its own, 650.69. We’d drum-rolled a possible rebound from that number last week, and it came in the form of $20 rally from exactly 650.30. But if Google were about to recover its mojo, the rally should have lasted perhaps 8-12 days. In fact, it appears to have petered out in just a day-and-a-half, strongly hinting of significantly lower prices to come. Our minimum downside projection for the stock is now 605.83, a number you should jot down if you trade this vehicle or hold it as an investment.

 

Apple at Cliff’s Edge

 

And if portfolio managers didn’t already have enough to worry about, Apple was threatening to take another leg down after having fallen nearly 25% since mid-September, when it recorded an all-time high of 705. Technically speaking, the stock’s best hope for the near-term would seem to lie in continuing a head-and-shoulders pattern on the long-term chart. The stock is working on the right shoulder now, and if the pattern traces out a textbook ending, it could propel Apple into a last-gasp rally of as much as $100. But hoping that this pattern continues to develop by-the-book is like hoping, when your parachute has failed to open, that you’ll be able to find a fluffy haystack to land on in the backwoods of New Hampshire.

 


 

A welcome exception to yesterday’s weakness was Facebook, a stock in which Rick’s Picks subscribers were told to accumulate March 30 calls at prices ranging from 0.50 down to 0.25. Yesterday, with the Dow Industrials on their way to a 185 loss, our calls doubled in value, yielding a theoretical gain of 50% over their 0.375 average cost. The underlying stock rallied 2.50, to 22.36, for a one-day gain of about 12.5%. Terrific as the stock looked, however, we’ve warned subscribers not to expect Facebook to continue to buck the tide. However, our hunch is that even if the Dow were to take a thousand-point plunge right now, whatever factors that have been pushing Facebook shares higher are probably sufficient to put a floor under the stock near $20.

 

Winds of War

 

There are so many factors weighing on the market right now that it’s difficult to single out any one of them as the cause of the sharp break since early October’s highs. There’s Obama’s re-election, of course. And although that could prove to be the worst political disaster in the nation’s history, it is not likely to have any economic bearing on the deflationary juggernaut that has been gathering force for nearly 30 years. Perhaps the most significant piece of news to have emerged in recent days, overshadowing even headlined rioting in Spain, Portugal and Greece, was the heightened threat of war in the Middle East. In retaliation for the nearly 200 rockets that rained on southern Israel from Gaza a few days ago, Israel took out Hamas’ military chief officer and a few others with some air strikes. Things took a turn for the worse, diplomatically speaking, when Egypt yesterday recalled its ambassador from Tel Aviv. Israel has warned that any Hamas operative who shows his face above ground will be dead meat. For its part, Hamas has threatened to step up its rocket attacks.

 

Petraeus: Who Cares?

 

Meanwhile, the same unregenerate, anal-masochistic, leftist shitheads in the news media who took a see-no-evil, hear-no-evil approach toward scandal before the election are tripping over themselves to expose every sordid detail of Petraeus’s love afffair. Will the orgy cease when it threatens to engulf Obama himself? Who cares. Whatever happens, we’ll stay focused on Gaza while tuning out all distractions related to the so-called fiscal cliff. As we all absolutely, positively know by now, the shiftless jerks we’ve elected to Congress are only going to kick the can further down the road when it comes time to fix the budget.

 

If war is about to break out in the Mideast and become above-the-fold news in America, the so-far 1120-point drop in the Dow Average since early October would not even begin to discount the economic damage that will come in its wake.

 

 

 

 

Data and Statistics for these countries : Egypt | Greece | Israel | Portugal | Spain | All
Gold and Silver Prices for these countries : Egypt | Greece | Israel | Portugal | Spain | All
Tweet
Rate :Average note :1.5 (17 votes)View Top rated
Previous article by
Rick Ackerman
All articles by
Rick Ackerman
Next article by
Rick Ackerman
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
MOST READ
TOP RATED
MOST COMMENTED
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Rick Ackerman

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.
Rick Ackerman ArchiveWebsite
Most recent articles by Rick Ackerman
7/28/2014
7/21/2014
7/14/2014
7/7/2014
6/30/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer