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January 29, 2017 | It’s Not Bulls Who Are Driving Stocks Higher…

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.

DaBoyz were in commando mode Sunday night, trying to determine through stealth, trial-and-error and well-honed instinct the level at which they might hope to dry up sellers for a short-squeeze attempt.  Let it be said, however, that the ratcheting rally we saw last week enjoyed no bullish mandate, only sporadic buying power supplied mostly by short-covering bears. Moreover, as steep as the rally may have seemed, it took place over relatively short stretches of time: six hours of climbing amid 60 hours of tedium.  We should therefore expect little upward progress as the week begins more or less moodlessly, as it usually does; then, possibly, a renewed surge on Tuesday or Wednesday, when, in the all-but-inevitable absence of a meaningful selloff, bears will have had yet another opportunity to ponder the futility of resisting the tide.

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January 29th, 2017

Posted In: Rick's Picks

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