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September 6, 2017 | Timid Buying a Worrisome Sign

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.

The broad averages were adrift Wednesday, edging timidly higher on vaporous volume. What few buyers showed up intraday had vanished by the closing bell, leaving index futures to fend for themselves in so-far-turgid night-session trading. I suggested a bottom-fishing foray in the tout that went out this evening for the E-Min S&Ps (see below), but this was for night owls only, and nimble ones at that. They should be prepared to see the futures fall to 2443.50 if the trade is stopped out, but everyone should brace for potentially much worse if the support gets pulped.

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September 6th, 2017

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