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February 11, 2018 | Rebound Less Impressive Than It Seemed

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.

As powerful as Friday’s rebound may have seemed, the Dow Industrials had not exceeded a single prior peak on the hourly chart when the dust settled. The rally will have to get past a second at 25185 to generate a bullish impulse leg on the chart shown, and to surpass Feb 1’s 26306 to equal that feat on the daily chart. We should tune out the hubris until this happens, but without waxing too skeptical about the possibility, since there is still enough violent energy in the markets to accomplish just about anything imaginable in the space of a single day.

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February 11th, 2018

Posted In: Rick's Picks

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