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August 7, 2017 | AMZN’s Message to Bears

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.

Elsewhere on the home page, I’ve conceded that projecting lower lows for AMZN may have been wishful thinking.  The stock’s 100-point plunge from a 1083.31 top that I’d predicted to-the-penny here seven weeks earlier had the potential to stop the bull market dead in its tracks. Alas, it would appear that permabears will get no more relief than they’ve gotten already from Amazon’s weakness over the last ten days. Are you ready for more hand-over-fist buying in this stock and a handful of others that have been leading the charge? Regardless, they’ll be back shortly, having paused for just long enough to catch their breath.

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August 7th, 2017

Posted In: Rick's Picks

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