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May 1, 2019 | Latest Ho-Hum from the Fed Triggers a Mini-Panic

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.

Stocks dove on the latest non-news from the Fed. The headless-chicken response to routine announcements from the central bank is evidently so deeply ingrained that even when Powell has nothing new to say, the trade-desk geniuses can’t help tripping over themselves trying to get out of their own way. The Fed chairman said monetary policy, such as it is, will hold steady for the time being, since inflation is low and the economy appears to be slowing slightly.  This revelation not only caused stocks to plunge, it also aborted a rally in gold that, gold being gold, was probably doomed anyway. Look for cooler heads to prevail on Thursday, after the usual gallimaufry of jackasses have gotten a grip on themselves.

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May 1st, 2019

Posted In: Rick's Picks

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