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January 31, 2018 | Market Fails to Register Trump’s Optimism

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.

A fresh dollop of stale news from the Fed sent stocks into a swoon Wednesday, but the bullish finishing stroke seems unlikely to dispel whatever has been troubling Wall Street this week. The latest pronouncement from the central bank left rates unchanged but preserved the option of raising them later in the year. It was the final Fed decision under Yellen, not that it matters who’s in charge. The Dow ended the day up a mere 72 points — pretty subdued considering that Trump’s upbeat State of the Union speech polled extremely well in the heartland, garnering a 75% favorable rating.  Regardless, my hunch is that stocks will head lower over the next couple of weeks. I have lowered my downside target for the E-Mini S&Ps to 2789.00, but I’ll revisit the forecast if this Hidden Pivot support gets trounced.

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January 31st, 2018

Posted In: Rick's Picks

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