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February 23, 2018 | Mr. Market Seems to Be Cooking Up Something Special

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.

True to his diabolical nature, Mr. Market generated a potentially very important buy signal and a sell signal just hours apart on Wednesday. The latter was of somewhat larger degree, but either way, we’re likely to see a big move in one direction or the other, and soon. I expect to be able to make a clear call on this by week’s end, depending on how the E-Mini S&Ps act relative to bullish and bearish midpoint Hidden Pivots that lie nearby on their respective hourly charts. These are interesting times, for sure — you can feel it in the tempo of the news both good and bad. We could pray for a dull ending to the week, but I doubt we’ll be so lucky.

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February 23rd, 2018

Posted In: Rick's Picks

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