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April 16, 2018 | Inching Toward the Next Cliff

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.

More white noise. Rallies like today’s 212-pointer in the Dow barely register a blip on the intraday charts, let alone on the ‘daily’.  From a technical standpoint, a thousand-point upthrust by week’s end wouldn’t change the big picture, although it might bring some bravado back to Wall Street for a moment or two.  Regardless, it all feels like distribution, and that feeling is certain to become palpable one day soon, when two dozen days’ worth of piddling gains will be erased before East Coast traders get to their desks. For now, though, I’d suggest tuning out any guru who’s saying “something BIG!” is about to happen.  Maybe. But if you bet on it, be sure you get long odds.

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April 16th, 2018

Posted In: Rick's Picks

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