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August 12, 2020 | For Switzerland, Owning Apple Shares Beats Churning Out Rolexes

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.

I’d raised a yellow flag here yesterday, but bulls lurched back into gear so powerfully on Wednesday that virtually all rally targets currently outstanding seem likely to be achieved. AAPL, the leader of the pack, had begun to look a little tired, but in retrospect this was just a pose to lull bears into stepping up their bets earlier in the week. Their lapse in judgment came home to roost when AAPL opened on a gap higher and never looked back. The stock was up more than $15 at one point, finishing the day with a 3.5% gain that outpaced AMZN, CMG, GOOG and some other lunatic-sector stalwarts that performed impressively as well. Now, if AAPL can close for two consecutive days above 457, the stock would become an odds-on bet to hit 491.  The Swiss central bank, as mentioned here earlier, is a big investor in the stock. Perhaps the burghers are starting to wonder whether it’s worth it for the Swiss to get their hands dirty manufacturing Rolexes and chocolate?

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August 12th, 2020

Posted In: Rick's Picks

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