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October 22, 2018 | News Media Once Again Dead Wrong About the Mood of America

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 news media have gone off the deep end once again with their tone-deaf misjudgment of America’s mood prior to a national election. Tune to MSNBC or CNN and you might think we are all clamoring to see the Central American ‘caravan’ double in size every few days until it reaches the Rio Grande; to have Trump and Kavanaugh impeached; to install Elizabeth Warren or Bernie Sanders in the White House; to take a knee ourselves whenever the national anthem is played; and to revive Obamacare. Let me say it again: If you’re expecting a blue wave in November, you are not living in the real world. So much for politics. Regarding the stock market, it’s still premature to conclude that the broad averages are incapable of being short-squeezed to new record highs. Shares have been unusually weak in October, to be sure, but we should never underestimate the ability of bears to snatch defeat from the jaws of victory with a short-covering panic. It’s coming, as it always does, but the Dow may need to fall a further 1100 points before bears ride to the rescue.

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October 22nd, 2018

Posted In: Rick's Picks

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