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November 16, 2017 | ‘Fly-or-Die’ Jeopardy in Effect

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 Dow was up 187 points Thursday, but the rally was noticeably lacking in exuberance. Most of it occurred on a gap-up opening in the early minutes of the session (see inset), rendering it valueless to traders who began the day looking for a way to board the next rally. Perhaps they’ll get their wish on Friday, only to regret it before day’s end. Whatever happens, a test of buyers’ mettle lies in the offing, since the broad averages are close enough to record highs that fly-or-die jeopardy will rule market psychology for the next few days. If the Dow Industrials come through with flying colors, keep 23517 in mind as a key resistance; anything above it, especially a close, would be bullish for the week ahead.

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November 16th, 2017

Posted In: Rick's Picks

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