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Hi-Ho, Silver, Aw-a-a-a-ay!

By: Rick Ackerman


-- Posted 30 April, 2010 | | Discuss This Article - Comments: Source: SilverSeek.com

Rick’s Picks

Friday, April 30, 2010

Phenomenally accurate forecasts

Hi-ho, Silver, awaaaay!  We told subscribers to look for a 25-cent rally in the May Comex contract, but by day’s end it had surpassed our wildest expectations, closing with a 43-cent gain on the day.  Here’s the forecast as it went out to subscribers the night before: “The futures looked poised for a 25-cent pop, based on a Hidden Pivot target at 18.370.  First, however, they’ll need to get past…[a Hidden Pivot resistance] at 18.210 that lies just beneath yesterday’s spike top. My gut feeling is that once the [resistance] is out of the way, the move through the spike top, which lies at 18.235, will be a piece of cake.”

If you want to see what a piece of cake looks like, check out the chart above. After blowing past Wednesday’s high as the morning began, the May futures needed barely and hour’s rest to take out an equally daunting peak recorded on Tuesday. And as if that weren’t impressive enough, the May contract was holding onto most of the gains in after-hours trading.  Note in the chart that as of around 6:30 p.m. EDT, the correction of Thursday’s surge had yet to come down, even, to the level of this week’s previous high.

What to Look For

All of this bodes well for Silver’s performance in the weeks ahead, and if the rally goes just a little further today, exceeding the 18.900 high recorded in early January, we’d infer that buyer will have little trouble punching through the multi-decade high at 19.495 made near the end of 2009. Moreover, and to be precise, a breakout above last year’s high would all but clinch a move to at least 20.21, or to 21.53 if any higher.

For our part, we’ll be looking for ways to get aboard with as little risk as possible as Silver moves higher. The technique we employ to do so is called camouflage, and there is a good example of it in the detailed trading recommendation that went out to subscribers Thursday night.  If you do not subscribe to Rick’s Pick’s paid service but want to access this advice, we suggest taking a free seven-day trial by clicking here.

***

 

Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. There is a substantial risk of loss in futures and option trading, and even experts can, and sometimes do, lose their proverbial shirts.  Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers’ initials will be used unless express written permission has been granted to the contrary. All Contents © 2009, Rick Ackerman. All Rights Reserved. www.rickackerman.com


-- Posted 30 April, 2010 | | Discuss This Article - Comments:


Last Three Articles by Rick Ackerman, Rick's Picks


Numbers to Watch in Comex Silver and Gold
4 October, 2011

Silver Skirts Edge of an $8 Crater
28 June, 2011

Nervous Bulls Energize Silver
25 April, 2011

Rick Ackerman - Article Archive List

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