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October 11, 2017 | Dow 50,000, Anyone?

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 Dow Industrials edged past a rally target on Wednesday that we had expected to offer more resistance.  It is a longstanding tradition for Ricks Picks subscribers to get short at Hidden Pivot resistance points as compelling as this one was; however, in the end, over the duration of a bull market that has been chugging along for eight-and-a-half years ago, we’ve had to content ourselves with small losses, or sometimes small gains when the price reversals we’d expected actually occurred. The markets are tradable these days only by the very nimblest of scalpers, but for most who are on board, it is an act of faith.  The ‘melt-up’ scenario — Dow 50,000, anyone? — has been getting a lot of play in the blogosphere lately, but for the record, we’re literally not buying it.

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October 11th, 2017

Posted In: Rick's Picks

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