Echoes from the Summer of 1929

Our forecast for the Dow Industrials calls for a blowoff top at 16810, about 1,700 points above Friday’s settlement price.  Using proprietary technical tools, we have identified this “Hidden Pivot” target as one to keep firmly in mind — not only as a major rally target, but as a place to lay out shorts aggressively ahead of a possible avalanche.  As noted here earlier, however, despite the bullish prediction, we’re keeping one foot on the fire escape, since the risk of a historical collapse at any time seems inordinate. If and when it comes, conceivably from a level that has fallen shy of our target, it is almost certain to occur with such devastating speed that even those who believe they are ready for it will have no time to escape. More likely is that the financial collapse that ushers in the Second Great Depression will begin in Asia and Europe, and that it will be a fait accompli by the time New York traders arrive at their desks.(…)
Read the rest of Echoes from the Summer of 1929

Rick’s Picks is a trading newsletter for stock, gold, silver and mini-indexes. All trades are based on the proprietary Hidden Pivot technical analysis method.

© Rick Ackerman and www.rickackerman.com, 2013. |
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