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March 19, 2018 | Altogether Now: ‘One…Two…Three…’

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 rallied in the final hour of Monday’s session, but the flurry of short-covering was too feeble to cause bears much discomfort or doubt. If the pessimists are smart and keep their cool for a change, they’ll simply let stocks fall on Tuesday.  That is what the market seem likely to do if it gets no help from ‘don’t pass’ bettors whose positions have gone awry. If the selling snowballs we could conceivably see something that has occurred only rarely in recent years — i.e., lower prices for the Dow Industrials on four consecutive days. Even three straight days is pretty unusual, as you can see for yourself in the chart.  Monday can be ‘day one’ for those of you who believe it’s possible to rattle the markets by counting one…two…three…four in a loud and obnoxious manner.

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March 19th, 2018

Posted In: Rick's Picks

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