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June 26, 2017 | Nasdaq Produces a Rare Profit for Shorts

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.

For once in a rare change, subscribers actually made money on the short side of QQQ Monday morning, doubling or even tripling their stake in just a couple of hours. Even though QQQ dove hard after trapping bulls on a gap-up opening that we had come prepared to fade, my gut feeling is that buyers are not yet finished and that we’ll see new record highs by week’s end or early next. I explain why in the QQQ tout below, so check it out if you trade or care about this vehicle. The tout contains actionable advice based on a specific and precise Hidden Pivot support where a further correction from these levels could reverse sharply.

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June 26th, 2017

Posted In: Rick's Picks

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