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September 23, 2020 | A Glossary of Pain

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.

Wednesday’s quiet opening was a fooler that gave no hint of the ferocious selling that followed. The Dow and the S&Ps opened moderately higher, extending a two-day rally that traders obviously assumed would continue. Instead, the broad averages rolled over in the first hour on light selling that picked up tempo as the day wore on. This is dangerous price action, considering that the stock market is headed toward a Friday late in September. It suggests that the next leg down, starting by week’s end or possibly Sunday night, will come only after bears have suffered at least a day of ratcheting pain. For their part, bulls are unlikely to turn ebullient, just complacent. Watch for the news to cooperate, offering a sordid mixture of headlines from the global police-blotter.

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September 23rd, 2020

Posted In: Rick's Picks

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