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February 16, 2018 | Beware of Dow 26,734!

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.

Elsewhere on the page you will find bullish forecasts for the E-Mini S&Ps and AAPL, the world’s most valuable stock. I’ll mention as well that the Dow is close to signaling a 1500-point rally to the 26734 target shown. That may sound quite optimistic, but if and when the Indoos get there I will be turning very cautious, since every trader on earth would be bullish as all get-out. Most bullish of all would be short-covering bears, ironically about to exhaust what little remains of their buying power just inches from The Top.  If Mr. Market is planning to set the hook, I cannot conceive of a better way for Him to do it. You can join the bullish stampede if you wish, but just remember to keep Dow 26734 in mind on the ascent.

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February 16th, 2018

Posted In: Rick's Picks

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