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August 2, 2018 | ‘Heavy’ Stocks Suspiciously Refuse to Sell Off

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.

The stock market feels like its being propped up for distribution — heavy as lead, but suspiciously unable to sell off for more than an hour or two. Shares have gotten little net boost from FAANG earnings, although it was impressive to see the broad averages shrug off the carnage in NFLX and FB shares. This was perhaps a little more shrugging than makes good sense, but DaBoyz had plenty og help from corporate buybacks and a growing influx of foreign money that evidently sees U.S. stocks as a better value than European or Asian shares. It’ll be tempting to take a few put options home over the weekend, since it looks like the party’s already over for Q2 earnings season.

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August 2nd, 2018

Posted In: Rick's Picks

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