Apple (AAPL) continued higher yesterday, gaining 2.94% and closing well above its 50-day moving average for the first time since March 25th. After the recent three-day move in this stock, it feels like there has been a bullish composure shift in the stock. Extremely strong demand for AAPL’s $17 billion corporate bond offering, the largest corporate bond offering in US history, helped fuel yesterday’s move. Use yesterday’s high of $445.25 as your new short-term point of reference.
AAPL is set to open higher this morning as well. When AAPL is ready to go, it rarely let’s anyone in comfortably. Rallies are followed by gap-and-go days, and next thing you know the stock has run a long way. If it gives you a comfortable pull-back entry, it probably means it’s not ready to go. But right now, AAPL looks like it wants to break definitively out of the macro downtrend.
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Disclosure: Scott Redler is long AAPL
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