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November 8, 2016 | Stocks All Revved Up, but Why?

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.

Stocks seemed poised to rally on Wednesday, presumably anticipating a Clinton victory. Investors have no particular reason to celebrate the victory of either candidate, but that is unlikely to slow the runaway freight train that has been gathering momentum since Comey’s most recent ‘all-clear’ for Clinton. As we went to press shortly after 8:00 p.m., there were no indications that Trump’s supporters were getting off their couches to vote en masse. If Clinton wins and the celebration on Wall Street goes out of control, there’s a 19728 target you can use for the Dow Industrials. That’s 1400 points above Tuesday’s closing price, and it would surpass August’s record high by 1060 points.

_______ UPDATE (9:51 p.m. EST): Trump is more than holding his own at the moment, sending a cold wave of fear into the markets. The E-Mini S&Ps, for one, have been down as much as 75 points on this unexpected turn of events. Trump could borrow Sally Fields’ line, speaking to Wall Street:  “You hate me, you really hate me!”

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November 8th, 2016

Posted In: Rick's Picks

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