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November 7, 2017 | Dragging Four Defenders a Few Extra Yards

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 left my wild-eyed projections for some FAANMG stocks listed below unchanged, since the group shows no sign of slowing down. Even when these stocks are merely marking time they always make a little headway, like a running back grinding out a few extra yards with four defenders on his back.  AMZN, for one, seems incapable of retracing its steps for more than a few days as it moves, hell-bent, toward the 1181.56 target shown (click on inset). Given the way buyers blew past the 1056.66 ‘midpoint Hidden Pivot,’ it is almost unimaginable that they won’t make it to the higher number.  Meanwhile, corrections have been too shallow to allow us to get aboard ‘mechanically,’ leaving us with the work-intensive task of attempting it on charts of lesser degree (i.e., ‘camouflage’), or taking position overnight ahead of the all-too-frequent gap-up openings.  With or without us, though, and come hell or high water, this stock is headed to at least 1181.56.

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November 7th, 2017

Posted In: Rick's Picks

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