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June 6, 2018 | Dow’s Surge Leaves No Doubt About the Next Rally

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.

Although AMZN’s follow-through on Wednesday didn’t have the wattage we were looking for to pull the stock market higher, the broad averages themselves provided a clear confirmation that they will continue their upward trek, at least for a while. I’ve provided a precise target at 25,803 that I am 90% certain will be reached, which would imply a further rally of exactly 657 points.  This presumably would be just an installment on the 300-point thrust I’ve projected for the S&P 500.  I am mentioning the lesser target because it looks like such a slam-dunk. It could be useful for traders, but also for doubters who may be skeptical about how much higher the bull could go before buyers are spent. If you are unfamiliar with Rick’s Picks and have wondered how predictable the markets are, you might want to jot down the 25,803 target. Look for the rally not only to happen as predicted, but for price action at the target that could lend itself to trading against the trend. In my latest INDU ‘tout’ on the home page, I have detailed for trading purposes a ‘mechanical’ set-up that includes a bid and stop-loss that could be used in conjunction with DIA. If you don’t subscribe but would like a peek, click here for a free, two-week trial subscription that will give you access to all features of Rick’s Picks, including a chat room that draws gifted traders from around the world.

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June 6th, 2018

Posted In: Rick's Picks

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