Howestreet.com - the source for market opinions

ALWAYS CONSULT YOUR INVESTMENT PROFESSIONAL BEFORE MAKING ANY INVESTMENT DECISION

April 28, 2020 | Distribution Grows Less Subtle

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.

DaBoyz jettisoned subtlety on Tuesday as they attempted to distribute as much stock as possible into a bull cycle begun last week that appears to be losing steam. The increasing urgency of this task was evident on the opening bar, a bull-trap rally that notched the high of the day. Thereafter, the futures sold off 60 points over the next hour and spent the rest of the session screwing the pooch. Don’t count the sleazeballs out, however, since they were hard at work squeezing shorts with a mid-evening rally designed to take advantage of poor liquidity and a dearth of sellers.  The smart ones will hold off shorting until their hapless ursine bretheren have paid the full price for being early.

STAY INFORMED! Receive our Weekly Recap of thought provoking articles, podcasts, and radio delivered to your inbox for FREE! Sign up here for the HoweStreet.com Weekly Recap.

April 28th, 2020

Posted In: Rick's Picks

Post a Comment:

Your email address will not be published.

All Comments are moderated before appearing on the site

*
*

This site uses Akismet to reduce spam. Learn how your comment data is processed.