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November 6, 2018 | Wall Street Oddsmakers Feverishly at Work

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.

It’s 8:24 p.m., and traders have yet to guess the outcome of the mid-term elections. The E-Mini S&Ps are up a few points, suggesting the results are perceived on Wall Street as a coin toss at the moment. We can expect traders to do much better this time in discounting the possibility of a big win for the Democrats, since the day began without the brash certitude about a Hillary victory that characterized election night coverage in 2016. My hunch is that if the E-Minis are up by 18 or more points later this evening, it will correctly signal that the Republicans have held onto their majority in both houses. Conversely, if the futures are down by 18 or more points, that will tell us — again, correctly — that the Republicans have lost the House and possibly the Senate.  There are some key Congressional districts causing index futures to fluctuate nervously as I write these words: Virginia’s 10th; Kentucky’s 6th; and Minnesota’s 3rd, to name just a few. Watch ’em and place your bets!

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November 6th, 2018

Posted In: Rick's Picks

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