AMZN, the most important stock-market bellwether of them all, peaked Friday just 36 cents from an ostensibly important rally target I’d sent out to subscribers the night before. Much as I’d like to enthuse about the possibility that this will mark an important top in the broad averages, I’ve dispensed with the usual hubris to focus instead on still-higher targets for some widely followed trading vehicles, most particularly AAPL. There is also a rally target outstanding in DIA that can help keep us properly bullish for the time being. As backdrop, keep in mind that I’ve already projected a target above 26,000 for the Dow Industrials. Eight-and-a-half years into a bull market, if you’re going to follow some guru’s giddy advice, wouldn’t you rather it come from a die-hard bear than from a wild-eyed, glue-sniffing permabull who hasn’t been around long enough to know that bear markets happen?
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Tuesday, April 17, 2018
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