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November 12, 2019 | Are Bullion and Shares About to Reverse?

Rick Ackerman

Rick Ackerman is the editor of Rick’s Picks, an online service geared to traders of stocks, options, index futures and commodities. His detailed trading strategies have appeared since the early 1990s in Black Box Forecasts, a newsletter he founded that originally was geared to professional option traders. Barron’s once labeled him an “intrepid trader” in a headline that alluded to his key role in solving a notorious pill-tampering case. He received a $200,000 reward when a conviction resulted, and the story was retold on TV’s FBI: The Untold Story. His professional background includes 12 years as a market maker in the pits of the Pacific Coast Exchange, three as an investigator with renowned San Francisco private eye Hal Lipset, seven as a reporter and newspaper editor, three as a columnist for the Sunday San Francisco Examiner, and two decades as a contributor to publications ranging from Barron’s to The Antiquarian Bookman to Fleet Street Letter and Utne Reader.

Gold and silver prices look primed to turn higher after getting pounded for the last two weeks.  Does that mean stock prices, which usually move opposite bullion’s, could top out at or near these levels? The chart provides good reason to think so — or to hope so, if you believe shares are overdue for a breather. The E-Mini S&P futures will be challenged to get through the trendline shown. It comes in at around 3119 and will rise to 3125 next week. My gut feeling is that these numbers are sufficiently ‘magnetic’ to use as minimum upside objectives for the near term, but also as firm resistance points. Don’t count too heavily on Tuesday night’s full moon to reverse the bullish tide in stocks, however. According to a subscriber posting in the Rick’s Picks trading room, lunar cycles correlate with reversals in gold, not shares.

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November 12th, 2019

Posted In: Rick's Picks

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