October 29, 2017 | This Permabear Is Still Quite Bullish

AMZN, our most important stock-market bellwether, topped on Friday just 36 cents from an ostensibly important rally target I’d sent out to subscribers the night before. Much as I’d like to enthuse about the possibility that this will mark an important top in the broad averages, I’ve dispensed with the usual hubris to focus instead on still-higher targets for some widely followed trading vehicles, most particularly AAPL. There is also a rally target outstanding in DIA that can help keep us properly bullish for the time being. As backdrop, keep in mind that I’ve already projected a target above 26,000 for the Dow Industrials. Eight-and-a-half years into a bull market, if you’re going to follow some guru’s giddy advice, wouldn’t you rather it come from a die-hard permabear than from some wild-eyed bull who thinks stocks can only move in one direction?
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Rick Ackerman October 29th, 2017
Posted In: Rick's Picks