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January 30, 2017 | Is the Selloff Just Another Fake-Out?

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.

Use the red line to determine whether Monday morning’s steep selloff was just a shakeout. If DIA ends the day above that line, a ‘midpoint Hidden Pivot,’ then I can practically guarantee you that the thrust will continue to at least 202.35, the ‘D’ target of the pattern. For those who are familiar with my ‘mechanical’ entry technique,  that would imply possible entry opportunitie(s) at level x, p or p2. Stay tuned to the chat room if you seek guidance in real time, since many regulars in the room will know exactly what to do with this one if it unfolds in the way I’ve described.

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January 30th, 2017

Posted In: Rick's Picks

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