This Guy Really Hates Apple (AAPL) as Stock Sits at Key Levels

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.

Disclosure: No position

About Mark Hanna 542 Articles

Affiliation: Hanna Capital, LLC

Mark Hanna is President and Owner of Hanna Capital, LLC, a registered investment advisory firm. Mark has been a follower of markets since the late 80s, with a focus on individual equities since the mid 90s. He has been a well known commentator in the financial blogosphere for the past 5 years, following a career in corpoporate finance and accounting. Mark attended the University of Michigan where he graduated with a degree in Economics.

As an avid reader, Market Montage is the personal blogging site for Mark to share his views on economics, markets, and the like. Occasional cynicism and wit shall be deployed in his postings.

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