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October 25, 2017 | A Rare Day as Stocks Get Pummeled for a Few Hours

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.

Just when it was starting to look like the stock market couldn’t go down, the Dow Industrials sold off 210 points to start the day. By the end of the session the broad averages had recouped nearly half of their earlier losses, but enough technical damage had already been done to suggest that weakness will prevail for at least another day or two. This is notwithstanding a short-squeeze rally into the close that appeared to stall at a Hidden Pivot resistance noted in the E-Mini S&P update below.

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October 25th, 2017

Posted In: Rick's Picks

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