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March 12, 2018 | Bulls Not So Bold as They Seem

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’s show of strength on Monday when most other stocks were falling is testimony to the revival-tent fervor of its institutional sponsors. They bought AMZN and a few other ‘lunatic’ stocks with impunity, including AAPL, TSLA and GOOG.  This is no active of boldness; rather, it simply shows what DaBoyz can accomplish when it is only a relative handful of stocks that need their support.  The illusion of a powerful bull market will continue as long as all eyes remain on the FAANG stocks. Although the Dow fell 157 points to begin the week, bull-market fever is still very much with us.  Concerning AMZN, a second ‘Hidden Pivot’ rally target I proffered here yesterday at 1639.19 is still worth watching, especially if you don’t trust the stock market at these levels. It lies $40 above, and it looks well capable of stopping bulls in their tracks.

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March 12th, 2018

Posted In: Rick's Picks

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