Howestreet.com - the source for market opinions

ALWAYS CONSULT YOUR INVESTMENT PROFESSIONAL BEFORE MAKING ANY INVESTMENT DECISION

January 25, 2017 | The Trump Rally, Phase II

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 stock market’s likely behavior following Friday’s presidential inauguration seemed like a coin-toss bet, but I guessed wrong. The DIA weekly puts we bought on Friday for prices ranging from 0.38 to 0.44 have gotten snuffed by the most powerful rally since the first days of the new year. We know exactly where the E-Mini S&Ps, for one, are headed, but the key test will be whether the Hidden Pivot rally target mentioned in today’s tout gives way easily. If so, it will shift our focus to a significantly higher target that would equate to a further rally in the Dow of about 400 points. The Industrial Average would be well above 20,000 at that point, scoffing at a supposed ‘ceiling’ that was expected to offer granite resistance.

STAY INFORMED! Receive our Weekly Recap of thought provoking articles, podcasts, and radio delivered to your inbox for FREE! Sign up here for the HoweStreet.com Weekly Recap.

January 25th, 2017

Posted In: Rick's Picks

Post a Comment:

Your email address will not be published. Required fields are marked *

All Comments are moderated before appearing on the site

*
*

This site uses Akismet to reduce spam. Learn how your comment data is processed.