Howestreet.com - the source for market opinions

ALWAYS CONSULT YOUR INVESTMENT PROFESSIONAL BEFORE MAKING ANY INVESTMENT DECISION

November 18, 2018 | Believing Our Lying Eyes

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.

Elsewhere on the home page, I’ve made much of the fact that the Dow Industrials mechanically tripped a ‘buy’ signal last week. This seems incredible, given the blowback U.S. stocks are getting from a weakening global economy and a domestic downturn that threatens to turn boom to bust in housing and autos. Putting all that aside and focusing simply on the visual picture shown in the chart — the most recent phase of the long bull market — what do you see?  Personally, I have little difficulty extending an imaginary rally to the 26,996 target. Harder to envision — and this is speaking from a purely instinctual point of view rather than a technical one — would be a serious slide down to 23,000 and beyond. I’ll remain open to any and all possibilities nonetheless, relying solely on impulse legs to instruct me concerning the mood of investors, and of America.

 

STAY INFORMED! Receive our Weekly Recap of thought provoking articles, podcasts, and radio delivered to your inbox for FREE! Sign up here for the HoweStreet.com Weekly Recap.

November 18th, 2018

Posted In: Rick's Picks

Post a Comment:

Your email address will not be published. Required fields are marked *

All Comments are moderated before appearing on the site

*
*

This site uses Akismet to reduce spam. Learn how your comment data is processed.