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February 21, 2017 | When Does the Bull Market’s Steep Rise Become a Blowoff?

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.

If the stock market’s wilding spree continues for just a few more days at its recent pitch, the rally is going to start looking like a blowoff on the daily and intraday charts. Rick’s Picks subscribers know something the bullish herd most likely does not, however, and that’s why we are able to watch the mania unfold without getting caught up in its mounting recklessness. Also, because we’ve held a very precise rally target in mind for quite some time, we’ve been able to stay comfortably on the right side of the Furies since late autumn. The target also promises to give us something to shoot at when we lay out shorts, as we so often do at swing tops. Will the next top prove to be something more than that? Or does Mr. Market perhaps have something more memorable in store to  bring the thundering herd back to its senses? Time will tell, but the wait may not be so long as some Wall Street denizens might imagine.

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February 21st, 2017

Posted In: Rick's Picks

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