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February 26, 2018 | Still a Very Bullish Permabear…

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 key aspect of Hidden Pivot analysis holds that if a rally target is exceeded easily, the uptrend should be presumed bound for a target of still-higher degree. In my latest tout for the E-Mini S&Ps, I’ve flagged a minor target that lies 25 points above Monday’s high. It seems likely to be achieved, but I will wait until this happens before I wax confident about even higher targets. Even so, the chart included with today’s tout shows that, in the context of a longer-term uptrend, a key resistance has already been exceeded, auguring prices well above the 2809.75 target featured here lately. Moreover, the major resistance was overcome so easily that the lesser one at 2809.75 seems likely to get demolished, whether it takes hours, days or even weeks. For now, we’ll simply observe (and trade when opportune), letting the futures tell us very clearly what they intend.

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February 26th, 2018

Posted In: Rick's Picks

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