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May 28, 2018 | Dow Looks Primed to Lay an Egg

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.

Without going too deeply into the technical details, I’ll mention that the Dow Industrials look primed to lay an egg in the days ahead, if not for significantly longer. The ABC-type trade set-up shown in the chart usually works as a kind of bullish springboard, but the fact that buyers couldn’t make hay with it last week is a sign that they are likely to show fatigue when stocks begin to trade anew Sunday night. ‘Counterintuitive’ trades are usually among the most reliable and profitable in the Hidden Pivot arsenal, but this time we may be doing well just to extract a few crumbs from a weak countertrend. If the picture should change, I will try to provide timely guidance in the chat room, so stay tuned if you care.

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May 28th, 2018

Posted In: Rick's Picks

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