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June 3, 2020 | Buy an iPhone to Help Pump the Nasdaq 100

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 Nasdaq 100, bloated with helium-inflated FAANG stocks that portfolio managers never sell, appears all but certain to achieve new record highs, probably within the next 2-3 days. With the index trading 250 points lower a week ago, I’d said that a two-day close above 9585 would all but clinch a move to at least 10,575, a Hidden Pivot target derived from the weekly chart of the E-Mini Nasdaq 100. That would be a little more than 8% above the old summit at 9780. The futures have in fact closed decisively above my benchmark as required, hinting of significant buying power remaining to be spent. We will soon be reading about how the relative handful of companies whose shares are responsible for this maniacal rally are going to single-handedly save the day for the global economy. If you are inclined to help make this fatuous prediction come true, I’d suggest using your $1200 check from Trump to buy an iPhone over the weekend.

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June 3rd, 2020

Posted In: Rick's Picks

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