Don’t think you can predict what will bring this market down
Rock Ackerman is with us today to recap his thoughts on gold (which are bullish) and the US markets (which are bearish). The conversation focuses on the overall system and if/how it could keep going. Things do not look good to Rick.
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The other big product that they had been advertising was the watch and by the time that came out their competitors had already produced model more than a year in advance of Apple. All they can do is keep tweaking the phones.
Paul L. Oil just hit $46.03 and I’ve added to my short position. My final line in the sand to get short is up in the $47.71-$48.36 zone. I’d layer in my 3rd tier there, but I’ve been swimming against the current shorting Oil at these levels as it keeps melting up. It is just way overdue for a corrective move if only for a few days.
No sooner had I written that statement and Oil shot up to $46.10 – Rick A’s target to get bearish. Maybe I should have just listened to Rick and waited for $46.10. (I’m a slow learner 🙁 )
WOW – When Oil hit $46.10 the rally stopped and immediately corrected back down.
That is a freakin’ amazing call by Rick Ackerman from a few days ago. I’m impressed.
Check this out and go up and click over to the 1 MINUTE chart to see that move:
What is crazy on that 1 minute chart up above is that after Oil tagged $46.10 and promptly corrected down, it is has set up a huge triangle pattern that is nearing the apex. What a wild ride……
Again, a stellar call by Rick. So far his target has held, but it was at least very significant as a resistance point and set up a big pattern in motion (at least when zoomed in on the lessor charts).
Been on a phone call, but just wanted to close the loop that the triangle pattern on the 1 minute WTI chart broke to the downside, so it looks like $46.10 was the short-term peak. (and the Oil Bears cheer!!! Ahhhhh!)
Rick has been doing that for years – I started noticing about ten years ago. When it comes to our personal views on the economy and money, I disagree with him on plenty, but his hidden pivot method is something else and has nothing to do with opinions.
Yes, he’s incredibly accurate, but this was to the exact penny. Oil went up, nailed it, and has corrected down ever since. Mind-blowing!
I know, and I’ve seen countless to-the-penny calls from him. I’m not exaggerating!
Oil has reached its top today.It is heading down .At least that is what my technicals are telling me and technical ain’t politicians.They dont lie 🙂
That’s interesting because oil looks better than fine to me.
Nice. Rick, Matthew, Don C. – you guys are top notch.
Rick is truly one of the best!
Agreed Big Al. Rick is a great asset to the KER. I appreciate all the great ideas!
Bought 2kBP shares cheap in the premarket with a buy signal on oil at 33.24 per share and put a sell at 34 where it reached but I increased it to 34.30 and went out and came back to a big market drop. I hope the Vix can start a good uptrend now. I am holding a huge position now and only stock position left is VRX.
Well TVIX and UVXT both had a nice moves up around 12% today.
VelocityShares Daily 2x VIX ST ETN (TVIX)
3.62 Up 0.39(12.07%) 4:00PM EDT
ProShares Ultra VIX Short-Term Futures (UVXY)
15.97 Up 1.69(11.83%) 4:00PM EDT
But I know you don’t like the leveraged ETFs, so I’ll post VIXY as well 🙂
ProShares VIX Short-Term Futures (VIXY)
10.76 Up 0.59(5.80%) 4:00PM EDT
should have said “UVXY” not UVXT (sorry the Y and T keys are right next to each other)
Paul – I thought Valeant Pharmaceuticals was under pressure from the government to lower their prices. It was front page earlier this week in the finance section. That would make me nervous to hold it with so much scrutiny. What do you think will be the upside catalyst?
I think VRX with do their o/s filings and that good news could trigger a very sharp sudden rally which may or may not last. Once it shot up 18% in one day and another 6% the following day to 38 and now has settled at 34.50 to 36.25.
Interesting. OK. Yes, sometimes it pays to bet on the underdog when there is a negative bias, because when it turns, the stock can suddenly springboard higher.
Thanks Paul L.
Interestin v point about the watch which I was never particularly impressed with. You can acce $ the same technology elsewhere.
Thanks Paul
Gotta say I love Rick’s cynicism about the “system.” Matches mine exactly.
Everyone knows the system is rigged. This is why Trump has any traction.
Bernie Sanders (a known socialist) should have NO traction politically. But because
of the rigged economy, everyone knows the only way the little guy will get ahead in the future is to put in Trump or Sanders. They are lashing out against the Crony capitalistic system.
Its a vote for “anyone but them”.
And mine, Phil!
Rick Ackerman
“It’s not prices that are being manipulated, It’s the entire financial system that is being manipulated” “At some level we have a quasi-criminal conspiracy between the banksters and all the institutional buyers of stocks.
EXCEPT OF COURSE GOLD AND SILVER.
Uh Huh.
Of course you are correct, Dave!
+1
Right on Rick. You got my vote. Great interview (you sounded really fired up today).
Manipulation is live and kicking.I agree with all that rick has said.They are overstretching the cycles to accomodate their partners in crime.The world is in a deflationary spiral.Look at chinese pantom cities and all the brick and mortars who are filing for bankruptcy.Look at the price of copper and the baltic dry index.I mean comeon deflation is everywhere except in the stock markets.Cheap money is what keeping stock markets afloat.It is all artificial growth.Things are gonna end badly but with the fed tempering around,It is difficult to time such eventuality.They have turned the stock market into one big casino.Free market has become something of the past.We are living in a rigged world ppl.
Icahn, Carl………..dumps all AAPL stocks……..look out Elvis has left the building
That’s OK with me, because Volatility just entered the building…… It’s time to shake things up a bit anyway. Apple had all last year to gloat, now it needs to bail out the boat.
VelocityShares Daily 2x VIX ST ETN (TVIX)
3.57 +0.34(+10.53%) NYSEArca – As of 3:30PM EDT
Icahn: We’re out of Apple, and it’s China’s fault
CNBC By Jacob Pramuk – 40 minutes ago
http://finance.yahoo.com/news/icahn-were-apple-chinas-fault-180432876.html
For those fans of Apple – don’t worry, rumor has it that they are still working on Project Titan – (the Apple Electric Car):
Apple Car
Apple’s electric vehicle project
Hundreds of Apple employees are rumored to be working on an electric Apple Car under the code name “Project Titan”
The car will be out after all other car companies have great electric vehicles already.
SPY:GLD is down 2.7% today…
When SPY made a new high 8 days ago, I said that I still think we have a bull trap. So far so good…
I sincerely hope you are correct. I got worried when it made the marginal new high, but averaged down even more in my volatility position. I’d love to see a nice ole’ correction smack some sense into the general investing world. Why they’ve charged higher on terrible earnings reports, GDP at .05% and implosions going on in markets around the world is beyond me.
“Smack some sense”? Not going to happen.
Your correct Big Al – there probably is not a way to smack some sense into the general investing world. After all, it is non-sense.
Well at least a nice correction in the general markets would let a little steam out of their over-confidence.
Chickens will come home to roost and what the banksters and partners in crime at wall street have reaped they will sow.Giving that the fish always stinks from it s head I wish that trump will be elected to put the whole establishment on trial.
It’s time for banksters to feel the heat for financing an Oil Patch that has turned into a Rough Patch. Time to pay the piper……
I’m anticipating May to be much more turbulent and volatile. Bring it!
Trump is looking stronger every single day!
Trump and Bobby Knight …….Hoosier Land specials…………..lol
http://investorplace.com/2016/04/daily-market-outlook-market-needs-reset-button/?sid=MP9247&cp=OZDT&ct=20160428&cc=eletter&en=3708747&cpp=OZDT&enn=3708747#.VyKJYjFvoik
Riddle me this: The S&P 500 currently sits about 2% off its all-time highs, unemployment levels are the lowest in a long time (although the rate of change is slowing… shhh, don’t tell anyone) but the Federal Reserve can’t raise rates by a quarter point? Seriously, something’s amiss.
If you have read this column over the past week or so, you have seen a myriad of charts pointing to exhaustion in the market’s melt up and should be well aware of the potential danger in stocks and other risk assets.
On Wednesday, despite a 6% drop in Apple Inc. (AAPL) after its weak earnings report, stocks largely ended higher with the small-cap Russell 2000 leading the “charge” for the second day in a row.
The 10 Best Growth Stocks to Buy for Your Retirement
Are small caps becoming the new “safety trade”? I ask this jokingly, of course, because small caps, both in absolute and relative terms, are approaching a massive layer of technical resistance, which I discussed in the April 26 Daily Market Outlook.
As for the Fed, it is in a tight spot and surprised just about no one by keeping rates unchanged and remaining data dependent. Stocks flip-flopped in reaction to the non-news out of the FOMC meeting, although bank stocks did close off their highs. I reiterate my call to sell or short banking stocks here, as neither slowing economic growth nor a Fed that can’t raise rates is bullish for the large banks.
While the S&P 500 has been trading in a choppy manner for weeks, the going over the past seven trading days has taken place in an especially tight range. On the chart below, note that six out of the past seven days have registered doji candles, where the index closed nearly flat for the day.
Is that bubble phase con man still taunting people for not being in tech/biotech?
I think so………………
Rick right on the money as usual. No one needs to chase this fraud until SPY breaks out big to new highs.
Thanks for all of the kind words, guys. Really.
Apple is buying back $250 billion of stock by the end of 2016 They have little innovation left. The biggest last achievement was them going to a bigger screen long after rivals from Korea and China. Only innovations now are financial engineering to boost EPS.
Capital Return Program Expanding to $250 Billion
CUPERTINO, California — April 26, 2016 — Apple® today announced financial results for its fiscal 2016 second quarter ended March 26, 2016. The Company posted quarterly revenue of $50.6 billion and quarterly net income of $10.5 billion, or $1.90 per diluted share. These results compare to revenue of $58 billion and net income of $13.6 billion, or $2.33 per diluted share, in the year-ago quarter. Gross margin was 39.4 percent compared to 40.8 percent in the year-ago quarter. International sales accounted for 67 percent of the quarter’s revenue.
“Our team executed extremely well in the face of strong macroeconomic headwinds,” said Tim Cook, Apple’s CEO. “We are very happy with the continued strong growth in revenue from Services, thanks to the incredible strength of the Apple ecosystem and our growing base of over one billion active devices.”
The Company also announced that its Board of Directors has authorized an increase of $50 billion to the Company’s program to return capital to shareholders. Under the expanded program, Apple plans to spend a cumulative total of $250 billion of cash by the end of March 2018.