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February 4, 2018 | AMZN Resisted the Tide for a Reason

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.

If the Masters of the Universe were planning to pull the plug on the nine-year-old bull market, do you think they’d have run AMZN up $100 and closed it $40 higher on Friday when every other stock in the world was getting schmeissed? I don’t think so.  AMZN is the Fat Lady who has yet to sing, and it looks primed for a run-up to at least 1541.06 before the final aria. If the broad averages have rallied to marginal new all-time highs at that time, the cynic in me would be very wary of Mr. Market’s intentions. It would set the hook as well as any scenario I can imagine, trapping bulls and bears alike. The former would be giddy about who-knows-what — National Jell-o Week? — and the latter would be panicked out of their long-tortured minds.

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February 4th, 2018

Posted In: Rick's Picks

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