I cannot call Apple (AAPL) a general of the market... it is more like Commander in Chief. The stock has broken the 50 day moving average but no big deal - we've seen it 3 other times the past 2 months and each time that has simply shaken out the technical traders, and the stock has reversed right back up. What would worry me more is a "lower low" i.e. a break below $240. Close but no cigar thus far today.
Let's keep an eye on this name since it's so influential, especially on NASDAQ.
As an aside, a video from a technician yesterday on CNBC - this guy says Apple has potential to fall to $115. While seemingly impossible as this is Teflon Stock #1, it is true that Apple was in the $70s during the panic of 2008. Someone remind me to put the whole portfolio into Apple if it gets below $120.
I just would advise Mr Zimmermann not to show up at any Apple store with that sort of thinking -- he might get tomatoes (or iPods) thrown at him by fanboys.
Walter Zimmermann, chief technical analyst at United-ICAP, tells CNBC he sees a "bearish rising wedge" in Apple's stock and advises investors to unload the stock.
Thursday, July 1, 2010
This Guy Really Hates Apple (AAPL) as Stock Sits at Key Levels
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows