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November 26, 2017 | Ignore the Hubris and Party On!

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.

In the past, when I’ve written disparagingly about Wall Street’s bullish drumbeat, I never envisioned myself banging away on the kettle drums myself. And yet, with my latest forecasts for some key stock-market bellwethers, I have aligned Rick’s Picks with some of the most shrill and obnoxious hubris gushing from the likes of CNBC, Bloomberg and the Wall Street Journal. I don’t need to tell you how uncomfortable this makes me.  But the charts are saying what they are saying, and I’ve learned to trust them more than my instincts. Mind you, I’ve still got one foot on the fire escape, and so should you. The decibel level of cocky bulls is at a millennial extreme and investors are all-in, seemingly certain that a global economic boom lies just ahead. By my lights, stocks are very richly priced even if this proves to be so.

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November 26th, 2017

Posted In: Rick's Picks

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