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January 29, 2018 | Will the Selloff Snowball?

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.

Stocks have topped about where we’d expected, although the selloff so far has been too timid for us to judge whether the decline is likely to snowball. I wrote here on Sunday night that if the S&P futures did not decline precipitously from Friday’s record close, they’d be on their way up to at least 2910.00. They did fall, but how much is ‘precipitously’?  I’d say about 500 points for the Dow, or twice as much again as they fell on Monday.  For the E-Mini S&Ps, a further fall of about 50 points would suggest that bulls are finally getting their comeuppance. However, it wouldn’t take that much to hint that the S&Ps are in trouble. For a precise level, check my E-Mini S&P forecast below.

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January 29th, 2018

Posted In: Rick's Picks

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