- the source for market opinions


July 8, 2018 | A Clear Call on Bull Market Awaits AMZN’s Next Move

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.

As always, I’d suggest monitoring AMZN closely to determine whether the nine-year-old bull market that has been in remission since February is about to resume. The stock looks primed for a 5% fall, and if this were to occur the broad averages would likely decline as well. Conversely, if AMZN resists the pull of gravity on Monday, it will be signaling a possible breakout to the upside. The rally would have the potential to hit 1842, about 7.8% above Friday’s 1710 close. We would expect the broad averages to rally commensurately, with the Nasdaq index recording the biggest gains. I doubt that the week will pass without a clear signal from AMZN concerning what may lie ahead.


STAY INFORMED! Receive our Weekly Recap of thought provoking articles, podcasts, and radio delivered to your inbox for FREE! Sign up here for the Weekly Recap.

July 8th, 2018

Posted In: Rick's Picks

Post a Comment:

Your email address will not be published.

All Comments are moderated before appearing on the site


This site uses Akismet to reduce spam. Learn how your comment data is processed.