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October 3, 2017 | In Glue-Sniffing Mode, Rally Is Now Parabolic

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.

Stocks have been in glue-sniffing mode lately, ascending so steeply as to be all but untradable. The Dow’s chart (inset) shows why. Notice how the Indoos opened with a gap higher on each of the last two days. Wednesday’s Whoopee Cushion leap at the opening bell racked up about 90% of the day’s gains, leaving bears to drive the the blue chip average marginally higher with a ratcheting rally that left them bloodied and still on the ropes come Wednesday. They may get some respite at 22,852, a Hidden Pivot you should jot down if you trade the E-Mini Dow, DIA or a related vehicle. If that number should give way easily, however, we’ll probably be looking at 23,226 later this month.

 

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October 3rd, 2017

Posted In: Rick's Picks

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