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March 30, 2017 | Consumer Sentiment Not Worth Drum-Rolling

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.

Consumer sentiment data for March will be released at 10 a.m., but even if the numbers are awful, they are unlikely to alter a bullish trajectory that returned with a vengeance early in the week on frenzied short-covering.  Despite this, traders should pay close attention to price action at the 2375.75 Hidden Pivot resistance shown in the chart, since it has the potential to cap buying, at least for the near term. It could conceivably turn out to mark an even more important top, since all of the price action since March 1 has occurred below a major target at 2404 that was missed by just a few points.

 

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March 30th, 2017

Posted In: Rick's Picks

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