A Shaky Close on Wall Street

by Rick Ackerman

Stocks looked shaky on the close Wednesday, having failed to muster the short-squeeze rally we’ve come to expect in the final hour or so of every session. If the broad averages continue to fall, Ricks Picks subscribers will be well prepared. Many reported legging into an SPY put spread that could yield a position gain of $4440 or more for those who followed my instructions to-the-letter. No loss is possible, since all subscribers who put on the position, which began as a calendar spread but was rolled into a vertical bear put spread, reported having done so for an effective credit of at least $55 per spread. We’ll try to augment the position in the days ahead if a low-risk opportunity to do so should arise. FYI, the Dow Industrials ended the day at 18035 but looked vulnerable to a fall to at least 17861 if they should decisively penetrate a ‘secondary’ Hidden Pivot support at 17985 (see chart inset).

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