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September 25, 2019 | Nothing Says ‘Buy Stocks!’ Like an Impeachment

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, impeachment proceedings are now bullish? But for whom? That question will likely hang over America until the 2020 election. In the meantime, it’s possible the all-seeing, all-knowing stock market will continue to rally because investors anticipate a mellower outcome — i.e. a vote to censure the President. This is not only a realistic possibility, it is probably how the matter will settle. That would give ‘moderate’ Democrats like Pelosi cover while sparing swing-state Democrats from having to vote for something so rancid as impeachment.

Even if Trump did not break any laws, it seems clear that he did not act very presidential when he attempted to coerce Ukraine’s leader into investigating the activities of a company on whose board sat Joe Biden’s son. Ordinarily, the Democrats could push this one only so far, since the probe is certain to turn up sordid details that will enmesh Biden. But since that’s exactly what they want — to dump the poor schmuck — the investigation will proceed at full speed. Because the basic facts of the case are already known or easy to guess at, the real spectacle will be in how the news media make fools of themselves as they unspool the story. We’re betting that some New York Times sleuth will distinguish him or herself as no reporter from that paper has since Walter Durante filed fawning reports on Stalin while somehow overlooking the Great Purge.

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September 25th, 2019

Posted In: Rick's Picks

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