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June 19, 2017 | Rebound Looks a Tad Too Ambitious

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.

AMZN rallied 49 points off Thursday’s low, peaking a too-coy 25 cents shy of $1000. My gut feeling is that DaBoyz have been a little too ambitious in trying to recoup  the June 9 tech avalanche so quickly. If AMZN runs out of steam as I expect, look for the broad averages to struggle for at least the next couple of days.  Index futures were up the equivalent of 50 Dow points Sunday night, but this looks more like distribution to me than enthused buying.

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June 19th, 2017

Posted In: Rick's Picks

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