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March 11, 2018 | 800-Pound AMZN Gorilla About to Meet Its Match?

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.

Amazon, the 800-pound gorilla of the securities world, is closing fast on a Hidden Pivot resistance at 1596.43 (see inset) that seems likely to show some stopping power. If this number does in fact repel the bullish herd, watch for the broad averages to top at the same time. And if the stock hits its mark at the same time the E-Mini S&Ps touch a correspondingly important target at 2809.75, you had better reef the sails. There’s an alternative target in AMZN that could come into play if 1596.43 is decisively exceeded: 1639.19.  Traders and investors should keep both of these  numbers well in mind. Of course, there’s always a chance the stock will tear right through them. if it does, then it is bears who had better get out of the way.

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March 11th, 2018

Posted In: Rick's Picks

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