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March 19, 2019 | Two FAANG Stocks to Watch If Weakness Snowballs

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.

Uh-oh. A couple of FAANG heavyweights rolled down hard Tuesday after failing to reach their respective Hidden Pivot targets. Apple shares had appeared bound for at least 190.33 when they reversed from 188.99 mid-day along with the broad averages. AMZN was well into a weeks-long, 220-point climb to a 1842 target when it turned tail and dove from 1784. Both stocks could find traction and resume their ascent before the week ends, and that is what I would ordinarily expect. However, because the E-Mini S&Ps reversed sharply precisely from a longstanding rally target at 2858.75, odds are higher that today’s top could prove to be an important one. We should know soon — probably by week’s end — but it is hardly encouraging that TSLA and FB were relapsing and seemingly primed to fall.

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March 19th, 2019

Posted In: Rick's Picks

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