by Rick Ackerman
Reporters and their editors have been getting whipped around by the stock market, since the market drives the news, not the other way around. That’s why we were battered senseless with ridiculously optimistic headlines about the increasing likelihood of a v-shaped economic recovery. Lo, stocks have fallen hard for just one day, and the sunny stories have moved off the front page to make room for news about about a supposedly resurgent pandemic. Wall Street had no trouble shrugging off the resurgence when it surfaced statistically perhaps a week ago, but now the same story, with a few more deaths, inspires only fear.
Every news outlet in the country that covers the stock market attributed today’s sharp drop to renewed Covid-19 fears. All of them are flat-out wrong. Stocks turned lower simply because the most important stock of all, Apple, hit an important Hidden Pivot rally target at 354.47 that had been disseminated to Rick’s Picks subscribers last week with the stock trading $30 lower.