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March 2, 2018 | More Pain Aahead

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.

February saw the worst decline since 2016 and March kicked things off with another shellacking. Although the direction points lower in the near term we are still within the primary channel established starting in 2016.

The top of the lower channel lies at 24100 and a break below this will imply a move down to the 21,700-22,000 area. Rising interest rates and tariffs seems to be the prevailing excuse for this correction. Naturally this is nonsense as the pundits always need to assign a fundamental reason to try to explain every move logically.

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March 2nd, 2018

Posted In: Rick's Picks

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