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April 22, 2018 | Thursday Is the Big Day

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.

There’s just one important event on the economic calendar this week:  AMZN earnings due out after the close on Thursday. The ‘experts’ are predicting $1.27 per share, but we know enough not to care whether the retailer beats their dart-board forecasts or not. Far more important is whether the lunatic juices are flowing on Wall Street at the moment the earnings are announced. The Street’s state of mind is unpredictable, of course, but we’ll nevertheless be able to get a good ‘read’ on AMZN based on how it reacts to the news. If the stock pushes above the two peaks shown, the higher of which lies at 1590.00, that would be bullish for the stock market as a whole, since AMZN is by far the most important bellwether for U.S. economic activity. Alternatively, if AMZN fails to exceed both peaks this week, that would be quite bearish for stocks. It’s that simple.

 

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April 22nd, 2018

Posted In: Rick's Picks

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