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November 19, 2018 | AAPL, Broad Averages Joined at the Hip

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’ll continue to train a spotlight on AAPL because it is the stock that matters most. If it is falling, the broad averages will be weak; and if it is rising, stocks will be held buoyant. On Monday, it almost looked as though the two were headed in opposite directions. At the opening bell, AAPL gapped $3.50 beneath Friday’s final sale and couldn’t sustain even a small bounce.  But even as it was getting pounded, the Dow rallied from down 100 points to within 22 points of unchanged. It didn’t take long for the Indoos to get in bearish gear, however, and they fell for the rest of the day, more or less synchronized to AAPL’s small ups and and large downs. I expect AAPL to go even lower in the days ahead. Most immediately, there’s a target that lies $3.00 beneath Monday’s 185.85 close. But if that Hidden Pivot support is decisively breached it will open a path down to as low as 170.78 over the near term. All eyes will be on the stock whatever it does, but keep my targets in mind if you want a more accurate sense of where the turns are most likely to occur.

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November 19th, 2018

Posted In: Rick's Picks

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