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January 7, 2019 | Bear-Baiting

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.

Restrained by AAPL’s leaden performance, the Dow eked out an unusually small gain Monday, rising by an unnewsworthy 98 points. Buyers aren’t necessarily spent, just timid about going for the gusto without leadership from the world’s most institutionally owned stock. They are certain to try again on Tuesday, especially with AAPL’s canny sponsors doing their part to rev up short-covering ahead of the opening. Just before midnight, the stock was oscillating slightly beneath the intraday high, still underwater and within an extremely tight range. If it merely holds steady in the early going, bears who kept their cool on Monday are almost certain to panic. The feedback loop with AAPL should be sufficient to propel the Dow higher by at least 300 points. We shall see.

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January 7th, 2019

Posted In: Rick's Picks

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