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November 22, 2018 | AAPL Still the Stock That Matters Most

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.

AAPL remains the stock that matters most, so bulls shouldn’t get their hope too high that the carnage is over. I still have an outstanding target down at 170.78, implying the iPhone-maker’s shares will fall a further $6, or 3.4%, before bulls can turn the stock around.  Seasonality and a dearth of sellers will weigh heavily in their favor when stocks resume trading on Friday, but any short squeeze that falls shy of 187.10, a benchmark equal to a minor external peak  recorded Monday on the way down, should be regarded as mere noise.

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November 22nd, 2018

Posted In: Rick's Picks

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