- the source for market opinions


November 21, 2017 | How High to Set Your Sights…

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.

Taken together, my latest updates for VXX, AMZN and AAPL imply that the bull market is likely to achieve significantly higher prices over the next 6-10 weeks. VXX has broken down and seems bound for depths that would have been almost unimaginable a year ago. If this volatility-tracking trading vehicle reaches the 216.32 target we’ve been using more than a month, it suggests a correspondingly enormous rally — with no significant corrections — in the broad averages.  My new rally targets for AAPL and AMZN are ambitious, but not quite fantastic. Check them out if you want to see what is possible as 2017 draws to an end.  (Note: Updates for Wednesday were prepared during market hours rather than after the close as is customary, since I’ll be traveling to Colorado later today to reunite with my sons for Thanksgiving.)

STAY INFORMED! Receive our Weekly Recap of thought provoking articles, podcasts, and radio delivered to your inbox for FREE! Sign up here for the Weekly Recap.

November 21st, 2017

Posted In: Rick's Picks

Post a Comment:

Your email address will not be published.

All Comments are moderated before appearing on the site


This site uses Akismet to reduce spam. Learn how your comment data is processed.