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April 16, 2020 | For a Brief Moment, Traders Seem to Be Imagining Baseball and Barbecues

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.

 

The Trumpster sounded so hopeful at tonight’s briefing that one could almost believe it will be a summer of baseball, barbecues, fireworks, lawn concerts and kids’ birthdays with piñatas.  If only. Still, traders are at least pretending that all of these staples of American life will be back before it’s too late. They’ve pushed index futures into a steep after-hours rally, every tick of it supported by short-covering from bears who evidently still believe economic reality should count for something. The rest of should enjoy this simulated state of exuberance while it lasts, since bear rallies are notorious for flaming out just when they start attracting true believers. For you chart-watchers, I’ve adjusted my rally target for uber-bellwether AAPL to 313.58, at which level new record highs of up to 347.27 would not be unthinkable.

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April 16th, 2020

Posted In: Rick's Picks

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