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June 9, 2017 | Nasdaq Looks Eager to Drag 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.

sounded a cautionary note here the other day because the E-Mini S&Ps had topped precisely at a Hidden Pivot target that had been a long time in coming. Even so, the Nasdaq’s intraday charts suggest the FAANG/lunatic stocks that have driven the index higher have been consolidating for yet another push to new record highs. I’d be surprised if the tension between the Nasdaq and the S&Ps were to be resolved on a Friday, since the day has been the deadest dead spot in a long stretch of dead weeks for several months. It is of course an axiom that if too many others fell this way — i.e., are expecting yet another soporific ending to a week — then we should indeed brace for the unsurprising surprise.

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June 9th, 2017

Posted In: Rick's Picks

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