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April 1, 2019 | The Magnetic Pull of Old Record Highs

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.

Betting that the stock market’s steepening surge will continue seems like such a sure thing by now that we should probably expect the downturn-from-hell to start momentarily. Actually, the 330-point leap the Industrial Average took on Monday exceeded two important peaks recorded on Feb 25 and Nov 8, respectively, implying that any pullback of less than a thousand points would be merely corrective. Alternatively, the blue chip average is getting close enough to October 3’s all-time high at 26,951 that the Indoos will start feeling its magnetic pull 200 or so points above current levels.

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April 1st, 2019

Posted In: Rick's Picks

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