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

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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Rick Ackerman March 12th, 2018
Posted In: Rick's Picks