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October 22, 2017 | Melt-Up Scenario Gaining Converts

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 melt-up story is getting increasing play — and who’s to deny it? Even bulls seem to find it a little scary, though, since, after the melt-up, what then? I’m not sure which guru in the fever swamp is hyping the highest target for the Dow Industrials, but I’m on record below with 25680.  (I could stretch that to 26,940 in a pinch, incidentally, but I don’t want to play my hole card just yet.)  The 25680 target is a Hidden Pivot that lies exactly 2352  points above Friday’s close. Even though there must be higher guesses than that, mine will at least keep me in the game for the next year or so. I’m hoping we’re all wrong, since it will be very difficult to suspend disbelief as the broad averages climb to insane heights while the real economy remains entirely too sane.

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October 22nd, 2017

Posted In: Rick's Picks

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