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March 31, 2019 | AAPL, AMZN Warning Bears to Back Away

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.

As much as I’ve distrusted the stock market’s presumptive bear rally every inch of the way, the charts of two bellwethers, AAPL and AMZN, look too bullish at the moment to assume the sky is about to fall. AAPL in particular has been unstoppable and looks like it could hit a $212 target 12% above current levels. I am wary of getting sucked into a bear rally whose sole purpose is to suck in skeptics like me.  The bullish case must be respected, especially since, as we know, the stock market’s strength these days has no connection to a global economy that has weakened dramatically in recent months.

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March 31st, 2019

Posted In: Rick's Picks

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