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October 4, 2018 | Bears Still the Best Friend Bulls Have Got

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 Dow down 357 points late in the session, bears couldn’t finish the job.  Unwilling to trust their good fortune, they scrambled to cover short positions in the final two hours, helping DaBoyz recoup more than 40% of the ground they’d lost earlier in the day. This was the second straight day of weakness, which is about as bad as it gets for the aging bull market.  Even so, because the major indices exceeded some key Hidden Pivot supports intraday, there is hope that the week could end with always-cocky buyers getting their comeuppance. An important vote is scheduled on Kavanaugh’s confirmation, but it has become clear that Wall Street doesn’t care what direction the country is headed politically.

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October 4th, 2018

Posted In: Rick's Picks

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