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December 3, 2018 | AAPL Locomotive Has Plenty of Steam Left

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 buyers are in hyperdrive, capable of dragging the broad averages higher not only in the days ahead, but quite possibly until New Year’s. The stock is bound most immediately for the 187.42 target shown (see inset), but any higher  would put an alternative target at 188.95 in play. These targets are useful for trading purposes, but also for analysis. A decisive move past the lower number would put the higher in play. If it too is exceeded, that would be a sign that the uptrend is likely to continue, possibly after a tradeable retracement. As I have emphasized here repeatedly, as long as AAPL is moving higher the broad averages will continue to do so as well. That is why we should pay very close attention to the way the stock interacts with the two Hidden Pivot resistance points noted above.

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December 3rd, 2018

Posted In: Rick's Picks

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