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On a rather ho-hum day buyers were able to refresh the bullish impulse leg by taking out the 24,977 March 21 peak. Zooming into the hourly the P 24,989.89 was tagged on this clear pattern using a one-off 'A'. As we are still in "consolidation" mode I expect more of the same mundane activity for a bit while longer although I wouldn't blame you for wanting to get long using a mechanical buy at 24,853.7.

The Euro/USD looks to have made a temporary low and should bounce a bit here. We don't normally discuss currency pairs and the Forex market at Rick's Picks but it's important to understand what's happening globally to understand what will happen domestically. With the constant bashing of the Fed compared to what's going on in Europe the U.S. Fed looks like the Rock of Gibraltar. When you buy a U.S. Bond you are buying a bond representing all 50 states. Can you imagine buying a California Treasury Bond or a Florida Treasury Bond all with different yields? That's exactly how the Euro was set up, with each European member having its own bond instead of a unified bond market like we have here in the U.S. This is the Euro's fatal flaw and this is why the German Bund is trading at 200 basis points lower than the equivalent U.S. treasury, because German Bund investors think they are going to get Deutsche Marks when the Euro finally collapses. Once the Euro/USD bounce to the trendline resistance concludes (could take a few months to play out) it's easy to see it dropping into the abyss below the critical 1.16 area and all hell breaking loose in Europe. Not only is this going to fuel the flight to U.S. equities but also catapult the U.S. dollar much higher. How high could the dollar go? The 1985 highs are not outside the realm of possibilities.

Earlier this year finding a video card was nearly impossible. The markup on used video cards on eBay was double the new price and all video cards were backordered indefinitely. I've voiced my frustration many times in the chatroom about this situation due to the bitcoin miners and at the same time I had been keeping an eye on Nvidia's stock price as they were the primary beneficiary of this crypto-mania. As they say during a gold rush you make your money selling shovels and NVidia has sold a lot of shovels. As the bitcoin mania has subsided I noticed I started getting alerts a few weeks ago from my favorite hardware retailer B&H Photo that the various video cards I had been monitoring were back in stock. I checked today and things appear back to normal where dozens of different video cards in all price ranges were available. Looking closer at the NVDA chart we got within 17 cents of a long term target of $260.67. So far the d target has stopped this rampaging bull. If the crypto-mania decides to take a multi-year long break I just can't see how NVDA can keep this ballistic rise. Stay tuned in the chatroom for ways to get short this stock by zooming in on lesser timeframes.

For the second time in a week the Dow has bounced sharply from the 23,806 midpoint Hidden Pivot support shown. How far will the rally go?  That's impossible to predict, nor do we pretend to have a crystal ball. However, the fact that both reversals occurred almost exactly at the pivot makes one conceivable sequence of events very predictable, as follows: If the Dow should decisively breach the pivot intraday (meaning by at least 40-50 points), or if it should close for two consecutive days beneath the pivot, that would imply more downside to exactly 22,754. Alternatively, and for all we know, the uptrend begun off today's 23,808 low could be the start of a move to new record highs over the next several months. We will probably not have to wait long for Mr. Market to tip his hand, since the strength or perhaps weakness of the uptrend cannot but reveal itself on the intraday charts over the next few days. Yes, it will still be a guessing game; but our guesses will be sufficiently 'educated' that we are unlikely to lose money acting on poorly informed hunches._______ UPDATE (May 3, 5:20 p.m.):  Today's 400-point reversal somehow failed to impress. In any event, it would take a print exceeding the 24,977 'external' peak recorded on March 21 for bulls to demonstrate they are serious. I should mention a 22,544 target that is equivalent to my new target for the E-Mini S&s. It uses the 'marquee' high at 26,616 as a point 'A' rather than the one-off 'A' at 26,338. _______ UPDATE (May 7, 8:20 p.m.): A modest rally by Wednesday afternoon exceeding 24580 would generate a promising impulse leg on the daily chart. Here's the picture.  ________ UPDATE (May 9, 8:59 p.m.): The Dow slightly exceeded our 24,850 benchmark,

USA Watchdog Interview with Rick Ackerman Obama Care-Absolute Abomination will Collapse Under its Own Weight-Rick Ackerman Click here to hear the audio interview on the USAWatchdog website

The Korelin Economics Report Weekend Show – Sat 10 Aug, 2013 Politics, Investing and Gold Segment 6: Rick Ackerman and Doc share their long term views on gold. Click here to hear the audio interview on The Korelin Economics Report website

KYGT - Idaho Springs, CO - Clear Creek Radio - With Mark Kline Rick owns Ricks Picks at rickackerman.com. A well-healed trader and writer for publications such as Barons, The Antiquarian Bookman, Fleet Street Letter, Utne Reader and The Sunday San Francisco Examiner, Rick has been around a lot of years and is regarded as a renegade. Heavily sought after on the Free Press Youtube sites, Rick contributes his experiences and projections to my quest for knowledge on the true state of America and, indeed, the world. Click to hear the audio interview.