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June 15, 2017 | An Unimpressive Rebound

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 swooned sharply on Thursday, and although they had recouped most of their losses by day’s end, the bounce looked pretty well spent by the end of the day. AMZN, the only bellwether we should care about, looked even less impressive, finishing the session with a $12 loss that left it poised for another leg down on Friday. If so, the Dow and the S&Ps will come down with it, since they lack the energy to fake indifference. Things could get nasty, since, if AMZN fulfills the 915.98 downside target I’ve projected for it over the near term, that would amount to a fall of about 5% from current levels.

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June 15th, 2017

Posted In: Rick's Picks

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