- the source for market opinions


October 18, 2017 | Bulls Will Face Some ‘Hidden’ Obstacles on Thursday

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.

DIA and the E-Mini S&Ps both topped on Wednesday just millimeters from important-looking rally targets that subscribers have used in recent weeks to remain comfortably on the right side of the trend. Although we never expect to nail the elusive Mother of All Tops with these targets, it is quite common for them to repel buyers, at least for a day or two. If, as we might expect, the broad averages simply blow past them on Thursday, it would indicate that bulls have much loftier goals in mind. In any event, we’ll shun speculation and simply watch to see how much resistance the two Hidden Pivots offer as Friday approaches.

STAY INFORMED! Receive our Weekly Recap of thought provoking articles, podcasts, and radio delivered to your inbox for FREE! Sign up here for the Weekly Recap.

October 18th, 2017

Posted In: Rick's Picks

Post a Comment:

Your email address will not be published.

All Comments are moderated before appearing on the site


This site uses Akismet to reduce spam. Learn how your comment data is processed.