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February 27, 2017 | Ratcheting Price Action Perfect for Shredding Bears, Trapping Bulls

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.

The broad averages have routinely been ratcheting higher even when there is little buying enthusiasm evident. This is the kind of price action that shreds bears and traps bulls, and that’s why we should be on our guard even though I have somewhat higher targets outstanding for several key trading vehicles.  Amazon is one of them and arguably the most important of the lot, and that’s why I track it closely. Currently the stock is in a modest retracement following a two-day recovery of last Friday’s sharp break. Although I have higher targets outstanding, I will be taking AMZN’s vital signs on the lesser charts more frequently than usual. Stay tuned to the chat room and my intraday updates if you want to keep closely apprised.

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February 27th, 2017

Posted In: Rick's Picks

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