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August 19, 2020 | Everything Went the ‘Wrong’ Way

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.

An interesting day, since nearly everything went the ‘wrong’ way: stocks, the Nasdaq 100 and even the lunatic sector were down while the dollar actually rose. Bullion got hit pretty hard, crude fell, and AAPL’s solid gains from earlier in the day were reversed. Could the foregoing herald a major tone change? It’s possible, although I have my doubts. In any event, I will stay closely focused on a $490 rally target in AAPL, since there is strong technical evidence to suggest it will be achieved. If so, look for Wednesday’s selloff to reverse and for recent trends, including the bullish one in bullion, to resume.

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August 19th, 2020

Posted In: Rick's Picks

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