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September 19, 2018 | Investors Fiddle as the Nation Burns

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 proved once again that it is not so much cool, calm and collected as it is, out of its frigging mind, tacking on yet more price gains in the face of mounting crises on two fronts. The tariff war with China has escalated to the point where its effects have surpassed those that were said to have caused stocks to gyrate wildly in the Smoot-Hawley days leading up to the Great Crash.  Meanwhile, matters seemed equally unsettled on Capitol Hill, where Trump subordinates at the Justice Department were threatening to disobey his order to declassify key documents related to the FBI Russia probe.  He could fire them all for this, and if he does it will turn his political enemies and their staunch allies in the news media even more savage. Since no one expects the President to back down, it is remarkable that Wall Street seems not to care even slightly about the prospect of political nuclear war breaking out before the November elections. Investors act as though they’re confident that all of the ugliness will stir up Trump’s base and tip the election his way. Maybe they’re right. But with stock market in screaming-bullish mode, it would appear that they’ve left little room for error.

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September 19th, 2018

Posted In: Rick's Picks

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