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April 24, 2018 | DJIA Sellers Crush a Key ‘Hidden’ Support

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.

On Monday I’d hung out 24,042 as a good place to try tightly-stopped bottom fishing in the Indoos; however, sellers crushed this midpoint Hidden Pivot support, implying the Dow will be headed significant lower after the current bounce ends.  My latest update for INDU suggests a way to leverage this scenario, but it would take a robust rally to set up the trade. If you care, stay tuned to the chat room for guidance in real time.

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April 24th, 2018

Posted In: Rick's Picks

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