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October 1, 2020 | QQQ Could Drag AAPL Higher for a Change

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 is actually lagging the Nasdaq for a rare change, well shy of a key resistance that will determine whether the stock is headed for a moon shot to 152. It is currently trading for around 117, but the bullish trigger point at 127.53 lies 11 points above, or 9.1%. By contrast, the QQQ, an ETF proxy for the Nasdaq 100, need only rally a further 1.4% to reach a comparable benchmark at 286.20, a midpoint Hidden Pivot. My guess is that the manic energy of Freaky Friday will get it there, but I’ll be curious to see whether DaBoyz can close the Cubes above it. If so, it will give them a running start when index futures begin to trade again on Sunday night.

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October 1st, 2020

Posted In: Rick's Picks

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