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January 22, 2018 | An Old-Timer Remembers…Corrections

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’s 142-point gain on Monday was more or less obligatory, since bulls are wont to begin each new week with a show of strength. I hesitate to call it bravado, since there’s nothing to suggest any lack of confidence beneath the surface. The 25,215 close left the blue chip average about a thousand points beneath my current rally target at 27,251. As always, we should be prepared for seemingly ambitious targets to be achieved more quickly than in days of yore, when stocks occasionally sold off for more than a day or two. You’d have to be and old-timer to remember those days, since the new normal is just up, up and away — and no looking back.

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January 22nd, 2018

Posted In: Rick's Picks

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