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March 21, 2019 | A Hardcore Permabear Talks Sunshine and Lollipops

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.

So much for the 2858.75 print in the E-Mini S&Ps earlier this week that I’d said might mark an important top.  Thursday’s muscular short squeeze impaled this ‘Hidden Pivot’ resistance, leaving the futures above it at the close. It also put in play an alternative scenario I’d mentioned — i.e., a move above 3,000. The chart shows a ‘secondary pivot’ at 3005.63 that can serve for now as a minimum upside objective. Just to be on record with the most-bullish-forecast-by-a-permabear, I’ll also mention the 3235.25 ‘D’ target of the pattern as a possibility. It would become an odds-on bet to be reached if the futures close for two consecutive weekly bars above 3005.  These numbers are not as precise as I would prefer, since the chart is stitched together from many contract months. But the targets should be close enough for us to get a confident read on trend strength if and when they are hit.

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March 21st, 2019

Posted In: Rick's Picks

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