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March 14, 2018 | AMZN Will Not Mislead Us

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.

I’ve gone out on a limb with a speculatively bearish call on the E-Mini S&Ps and a correspondingly bullish one for June T-Bonds (see below).  But if a sea change is about to occur on Wall Street, there’s scant evidence of it in the chart of AMZN (see inset), a stock I referred to here the other day as the 800-pound gorilla of the securities world. It is as good an analog as we could find for the mood of institutional buyers who will ultimately determine when to pull the plug on a bull market that just entered its tenth year. From a technical standpoint, AMZN must reach the 1639.19 target shown to maintain the indomitable bullishness of its long-term chart. If it were instead to dive below the red line, that would be persuasive evidence that the bull is, if not dead, then in serious trouble.  We’ll continue to monitor the stock closely in any event, since it is unlikely to mislead us concerning the health and vitality of the global bull market in equities.

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March 14th, 2018

Posted In: Rick's Picks

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