Dominic Picarda’s Trading Pick 15th November 2013

1 mins. to read

By Dominic Picarda.

Jim Cramer (@jimcramer) tweets this morning: “When many say to me ‘it ends bad’ or ‘the fed will cause inflation’ I say ‘well go short then for heaven’s sakes. But they don’t! Cowards!”

Well, I guess I’m one of those folks he’s talking about. I see the money-printing spree ending in bubbles and collapse. But I wouldn’t dream of shorting stocks right now. I’m not that stupid. I want my bit of the action. There is plenty more room for the markets to go higher, what with all the liquidity coming down the pipeline. Once the whole thing comes unstuck, there’ll be plenty of time for shorting.

For now, I seek further longs in stocks, and shorts in EURUSD and gold.

My next update will be on Monday, 18 November.

I shall be speaking about “the Ideal Portfolio” at the Lecture Club in London on Thursday 28 November

See also my video interview with Über-bear Brian Whitmer of the Elliott Wave Institute 


I was looking for gold’s rally to expire around the 21-fourhourly but it has managed to make it through there, albeit not by much. For me to switch to bullish, I want to see a crossover of the 21- and 55-fourhourly EMAs. The likeliest scenario is a drop to $1251.

Support: $1276.24 – Resistance: $1336.74

Support: $1252.11 – Resistance: $1323.27

Support: $1239.11 – Resistance: $1306.11

Support: $1224.47 – Resistance: $1292.67

DAY: I’d short a sharp reversal at the $1,285.77


Dominic Picarda CFA, CMT writes the Trader column at

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