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May 13, 2020 | Is the Other Shoe About to Drop?

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.

Bull got pushed back on their heels for a change Wednesday, although sellers were unable to deliver a coup de grace in the final hour. The Dow Industrials ended the day with a 516-point loss nonetheless, unable to extract much yardage from short-covering. We’ve all been waiting for the other shoe to drop, but has it? It seems possible, since three weeks of noodling around failed to push the broad averages to targeted Hidden Pivot highs that weren’t especially ambitious. AAPL, the world’s most important stock, can usually help clarify the mood of portfolio managers, but its performance was mixed. The stock finished down about $3, well off the lows, and remained in the throes of a mild short squeeze just before midnight. If bears have anything going for them it will be the prospect of a weekend with little news to encourage.

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May 13th, 2020

Posted In: Rick's Picks

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