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February 13, 2020 | Wall Street a Little Too Zen about Coronavirus

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 seem to be shrugging off disquieting news about the coronavirus a little too easily, so be careful.  Most of the bad news has concerned the apparent spreading of the disease more rapidly than had been anticipated just a week ago. Far from peaking, the virus seems to be gaining momentum. Wall Street took the most recent headlines about this not merely in stride, but used them to beat stocks down Wednesday night in order to set up some bargain hunting opportunities ahead of Thursday’s opening. We should pay particular attention to AAPL, the most important stock-market bellwether of them all, because there are technical signs that its flirtation with new highs over the last month or so has masked distribution by the usual sleazeballs. All too often, the firms they work for tout stocks like AAPL to make it easier for them to unload shares on the unwary. If that sound shocking, then you’ve been living on Mars.

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February 13th, 2020

Posted In: Rick's Picks

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