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October 19, 2017 | Will ‘The Sign of the Bear’ Trigger?

Rick Ackerman

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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 swooned on Thursday after coming within inches of some important Hidden Pivot rally targets subscribers have been using for a while. Buyers looked poised at the close to ram these impediments into oblivion come Friday, but I won’t be ready to throw in the towel until I’ve seen another day or two of price action. As I’ve noted elsewhere on this page, a head-fake from these levels would be Mr. Market as his diabolical best, since the hook, a breakout to new all-time highs after Thursday’s v-shaped reversal, would turn virtually everyone bullish, most particularly bears scrambling to get shorts back.  Incidentally, the day’s ups and downs left a famous indicator used by my colleague Peter Eliades in limbo. His ‘Sign of the Bear’, which is seven for seven calling major tops, was just a hair from triggering on Thursday. We should know by no later than Monday whether it has flashed red. In the meantime, you can click here for a detailed explanation of this indicator. It originally appeared as a column I wrote for the San Francisco Examiner just before the Dot-com Crash .

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October 19th, 2017

Posted In: Rick's Picks

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