Apple Bulls Prepare To Defend The Red Zone
The market has spoken.
Apple stock has taken out the Christmas Eve low at $146.59 in tonight’s after-hours trading. Tough to gauge the true conviction until tomorrow’s open.
Nevertheless, the Apple bulls, which includes Mr. Buffett, need to move into prevent defense here and take an Alamo-like stand to gallantly defend the red zone at $134.54 to $142.20. A break of the goal line at $134.54 opens up some big downside.
Don’t count out the hammer to really come down on Jay Powell and the Fed now. He is due to speak on Friday.
Apple truly dropped the ball by depending on financial engineering and inflation — i.e., buybacks and increasing revenues by raising iPhone prices — to increase its stock price and. Investors are now paying the price.
Steve Jobs must be rolling over in his grave with Tim’s cave to Uncle Carl. Mr. Cook is now left to defend Apple’s purchase of the stock, some at much higher prices, while Uncle Carl is probably lounging on a beach somewhere in the Carribean.
We love the company and the product but not the stock quite yet.
Stay tuned.
Source: https://macromon.wordpress.com/2019/01/02/apple-bulls-prepare-to-defend-the-red-zone/
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