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February 26, 2017 | When AMZN Coughs…

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.

Our key stock-market bellwether, AMZN, has stalled just shy of an important target at $875, implying that the broad averages are likely to sputter and wheeze in the days ahead unless Amazon shares turn sharply higher. The target remain valid, but the stock could fall a further $50, to around $790, before regaining its footing.  Although this would not affect my bullish projections for new record highs for the Dow and S&Ps, it does pose the possibility of a setback that would consume bulls’ energy for perhaps a couple of weeks.

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February 26th, 2017

Posted In: Rick's Picks

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