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November 1, 2018 | AAPL Plunges, Adding to the Bull Market’s Woes

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.

Shares of Apple, the most valuable company in the world, were getting hit hard Thursday night after the company predicted weak holiday sales. I’d spotlighted the stock here yesterday, noting that as long as AAPL continues to move higher, it would keep the U.S. bull market alive. At the time, it looked as though buyers were ready to push it at least $28 higher, or about 12%, over the near term. Now, though, even with relentless share buybacks and stalwart support from institutional sponsors, bulls will have to build a base for at least 2-3 weeks if they’re going to make a run at new all-time highs. We shouldn’t doubt that this is what DaBoyz intend, since they were caught flat-footed by the stock’s dive after the close. Don’t bet too heavily against them, since they are as clever as they are desperate. But considering the latest sales forecast, it’s going to be a tough slog, even for the big-time carnys who manipulate this gas-bag.

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November 1st, 2018

Posted In: Rick's Picks

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