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June 29, 2017 | Pre-Holiday Hijinx

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.

The broad averages were in good position to turn ugly on Wednesday; instead, they turned sharply higher, probably to steal a march on shell-shocked bears ahead of a five-day holiday blowout. Because Independence Day falls on a Tuesday, trading volume is likely to start ratcheting lower around mid-day Thursday. Expect it to continue falling until Monday’s closing bell. Prices are apt to waft higher over the entire period, given the ebullience of today’s short squeeze reversal. Will sobriety return after the Fourth? We’ll have to wait and see.

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June 29th, 2017

Posted In: Rick's Picks

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