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September 4, 2018 | AAPL, AMZN Keep Market Selloff at Bay

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.

AMZN and AAPL kept the broad averages from plummeting Tuesday and look likely to lend further buoyancy to the markets for at least a couple more days. The latter, with the highest capitalization of any publicly traded stock, rose 0.82 to close at 228.45.  This surpassed a middling Hidden Pivot rally target we’d been using at 226.26, opening a path to the 240.05 target shown in the chart (see inset). AMZN rose even more, percentage-side, and now looks like a good bet to rise to at least 2260, or 224 points above the latest close. Rick’s Picks will continue to keep a close eye on both stocks, since, as long as they are moving higher, the stock market will not be able to sell off to any significant degree.

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September 4th, 2018

Posted In: Rick's Picks

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