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May 7, 2020 | Toss a Coin to Make It Interesting

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 continue to mark time, giving up almost no ground as DaBoyz, with infinite patience, await the news that will ignite the next short squeeze. We’d intended to short the 250.43 target shown in the chart ourselves, assuming it was ever reached. The rally that was supposed to get it there is at five weeks and counting, and while this is not a record for how long it has taken for a stock to achieve an easy objective, it certainly deserves an honorable mention. If another dull day draws to a close, presumably with modest final-hour rally, and you are uncertain about whether to take a position over the weekend, I’d suggest flipping a coin and doing the opposite of whatever instruction it provides.

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May 7th, 2020

Posted In: Rick's Picks

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