by Rick Ackerman
RickAckerman.com
In the wake of today’s thousand-point selloff in the Dow, we’re going to be hearing ad nauseum from every shill on Wall Street about how investors should stay the course. Most will be ignorant of technical analysis, or even disdainful of it, but I’d suggest keeping your guard up while the charlatans trot out PE ratios, valuation models and their own curve-fitted stats and charts to explain why the Dow is going to 50,000. My own indicators do not yet allow for a confident call on whether the bull market is dead, but those who have followed Ricks Picks for any length of time, or even for just the last few weeks, will know that we can hit the big, small and medium swings with sufficient precision and consistency to take most of the uncertainty out of the game. We did this in AAPL with a heavy dose of skepticism when the stock was rampaging suspiciously toward new record highs last week; in gold, which topped 90 cents above a 1690.80 target we’d drum-rolled weeks ago; and in the E-Mini S&Ps, whose massive selloff today turned just a millimeter from the target shown in this chart.