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October 16, 2017 | AAPL Buyers Are Back, Leading the Charge

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.

With Apple, the world’s most valuable publicly trade company, strongly on the move again, bears had better be extra cautious shorting into the rally regardless of which vehicle they choose.  In the latest updates to my touts (see below) I’ve identified some high-odds spots to try fading the trend, but only with very tight stops in case the bull-that-won’t-correct continues do to what it has been doing for eight-and-a-half years.  For its part, Apple looks bound for at least 165.97, a longstanding target that lies about 4% above Monday’s close. If the stock is in fact on its way to new all-time highs, the broad averages are likely to follow.

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October 16th, 2017

Posted In: Rick's Picks

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