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November 1, 2016 | On Cue, Sell-Off Acknowledges All-Too-Interesting Times

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.

I’d raised the prospect here yesterday of a market plunge brought on by the mounting uncertainties of the election, but I hadn’t imagined the selloff starting right on cue.  That it did, with a 200-point drop in the Dow that commenced following a mild head-fake on the opening. The intraday lows occurred exactly where expected — in the case of the E-Mini S&Ps, three ticks above a 2090.25 target that we’d been using for weeks as a minimum downside target. The futures have bounced sharply since, but bulls will need to keep the rally going for at least another day or two to get some help from short-covering bears. Alternatively, if the broad averages were to take out Tuesday’s lows just a day after they were recorded, that would be very bearish indeed.

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November 1st, 2016

Posted In: Rick's Picks

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