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June 23, 2020 | AAPL Will Continue to Lead the Charge

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 has blown past a longstanding rally target at 370.15, implying it is bound for yet another at 385.487 that lies a further 5.4% above. Because the stock is almost certain to get there, the broad averages can be expected to move higher with it. This seems hard to believe, given the grim turn that pandemic news has taken. Fauci sees no slowing of Covid-9’s spread this summer and downplayed the idea that hot weather can affect it.   That is turning out to be true in hot, muggy Florida, which in the last few days has shot up to the top of global trouble spots.  Businesses struggling to survive until ‘something’ changes the picture for the better are going to have a rough time getting though the summer. However, if AAPL continues to lead the charge on Wall Street as it has been doing for years, it would mean that none of the foregoing  will even remotely faze stock-market bulls.

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June 23rd, 2020

Posted In: Rick's Picks

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