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August 29, 2018 | Consumers, Like Investors, Are Giddy with Confidence

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.

With the stock market near record highs, consumer confidence leaped in August to its highest level since 2000. Arguably, Americans haven’t been this giddy since August 1929, when shares peaked ahead of the 1929 crash.  What could possibly go wrong? Shoppers in particular have been feeling so exuberant that they’ve been doing some of their buying at retail stores rather than ordering everything from Amazon. For our part, we’ll be monitoring the Dow and the S&P 500 more closely than ever for signs of a stall at key Hidden Pivot targets. If you stay focused on the lesser charts, as we continue to remind subscribers, you will never,ever miss an important turn. Although it’s possible to make a case for a Dow rally to 35000 if the trade war with China turns into a durable peace, it’s just as reasonable to argue that the bull market, currently in its 113th month, could end at any time without warning.

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August 29th, 2018

Posted In: Rick's Picks

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