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May 18, 2017 | All Eyes on the FAANG/Lunatic Stocks!

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.

I’ve updated my touts for some key FAANG/lunatic stocks with new charts to make clear that they want to go higher, especially AMZN. If this proves to be the case, bears shouldn’t get their hopes too high that Wednesday’s refreshing plunge will resume in earnest as the week draws to a close. Even so, the intraday charts of GOOG and AAPL leave room for a downside resolution of Thursday’s moderate bounce, and it’s possible they could check AMZN’s rambunctiousness. Whatever happens, we might have a better idea of what’s on portfolio managers’ tiny, febrile brains when the day is over.

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May 18th, 2017

Posted In: Rick's Picks

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