Though there is still 1 hour of trading to the close, Apple (AAPL) is well above its September 20th all-time closing high of 413.45 and could easily ramp another $3 into close to take out its 422. 86 intraday high.
After bouncing off its 200-day moving average at 354.24 on October 4th, the stock has led the overall market increasing a stunning 18.4 percent from its recent low in just 8 trading days. Secular forces are helping to drive this stock as the mobile/wireless revolution spreads to almost every area of modern life and economy.
Apple’s earnings multiple has been depressed by concerns over Steve Jobs’ health and with his passing and the shake-out dive to the 200-day the P/E ratio may be ready to expand to where a normal growth stock trades. The company is firing on all cylinders and is in the best secular space in the market. No wonder investors are crowding in to what many think is an already crowded trade.
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