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April 9, 2018 | Shameless on Wall Street

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.

Meaningless daily swings of 800 or more Dow points have become a regular event on Wall Street lately. Under the circumstances, Monday’s gratuitous hump, which all but erased a 450-point rally, barely deserves mention.  It was a puzzler, for sure, and even the Masters of the Universe must have been frustrated when the buying fizzled out around mid-session. They’d put considerable effort and sleaze into bringing Sunday night’s short-squeeze to a boil ahead of the opening bell. The operation had looked like an unqualified success four hours later; but then, for no apparent reason, the Dow gave it all back in under two hours.

Can you guess what happened next? As we went to press, the notorious night-shift thugs were hard at work. So far, they’ve pushed index futures up the equivalent of 200 Dow points. Could this show of ebullience be related to the latest news from Capitol Hill? The FBI raided the office of Trump’s lawyer, and, lo, the Republic seems to have survived.  Have we become so jaded that, threatened with the low-grade failure of governance itself in the United States, traders act as though nothing worthy of a trend is going on?

 

 

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April 9th, 2018

Posted In: Rick's Picks

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