Two Key Stocks Threaten to Upend Bears

by Rick Ackerman

I’d suggest that bears give wide berth to the lunatic spirits that have held the broad averages buoyant recently, since two important stocks have been ‘bulling up’. For one, Amazon turned higher yesterday from within seven cents of an important Hidden Pivot target I’d projected earlier. The stock has now fallen $35 after topping on October 6 just 11 cents shy of a rally target I’d posted about ten days before. AMZN was trading around 800 at the time. If the recent low at 811.68 proves durable and the stock gets a strong bounce, it will power the Nasdaq Index higher as well. The other stock to watch is Apple, which looks to be chomping on the bit ahead of next Tuesday’s earnings announcement. I’d projected an $18 move up to around $130 on the news, but AAPL could easily hit that benchmark before the earnings are released.

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