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November 20, 2017 | Expect a Bumpy Ride for Remainder of 2017

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 latest E-Mini S&P tout (see below) sounds a cautionary note, since the December contract has been laboring without success for a month to make headway. If bulls significantly alter the picture in the coming weeks, it wouldn’t be the first time they have emerged from a coma to punch through supply and send the broad averages rocketing to new all-time highs.  But with sensational Q3 earnings already discounted, investors will be increasingly dependent on the “global economic boom” narrative to maintain their spirits. The supposed boom is not nearly so robust as the Wall Street Journalet al. would have us believe, although there is probably something to it (enough, for sure, to send Boeing shares into a vertical parabola).  But the boom-times story is still fragile and somewhat lacking in credibility. That means investors are going to wince at any headline or news development that casts doubt on Wall Street’s — and the Fed’s — lollipops-and-roses scenario. Under the circumstances, bulls and bears alike should expect a very bumpy ride between now and 2018.

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November 20th, 2017

Posted In: Rick's Picks

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