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August 18, 2020 | Ahhh, the Suspense…

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 S&Ps flirted with new record highs for the sixth straight day, waiting for news that could conceivably be used to squeeze shorts for a few headline inches. Besides the presumptive structural resistance at the old highs, there’s an important Hidden Pivot obstacle that was first mentioned here in early June.  Together they represent layers of supply capable of keeping stocks from soaring into the wild blue yonder.  For now, I’m looking for a marginal new high that could provide an excellent opportunity to get short. AAPL, however, is a wild card. Currently trading for around 463, it looks primed for a thrust to 490. The stock would make an enticing short at that price, but it remains to be seen whether the broad averages will be at or near highs that would offer an equivalent opportunity

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August 18th, 2020

Posted In: Rick's Picks

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