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July 18, 2017 | VXX and AMZN Continue to Set New Records

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 soared as VXX continued to implode, suggesting that the forces that have been driving the bull market in recent months remain strong. That said, the former, currently trading for around 1025, will run out of room if and when it hits 1083, a Hidden Pivot resistance that has been nearly a year-and-a-half in coming. The VXX, meanwhile, won’t run out of room until it hits zero — an impossibility, of course, but we shouldn’t be surprised if its ultimate bottom lies well beneath the current, record low.

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July 18th, 2017

Posted In: Rick's Picks

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