In “April, we were in the midst of what some of the ‘market technicians’ on financial TV would call a ‘consolidation period’ for Apple (AAPL). Eric Jackson blogs for Forbes. “In layman’s terms, what that means is that Apple’s stock price basically hovered in the same general price around $315 from mid-October until a month ago in June.”
“This flat period led to much hand-wringing among Apple investors and non-investors alike. As late as a few weeks ago, in a period of market anxiety about Europe, Apple’s shares briefly got down to $310. At the time, I recall seeing many tweets saying things like, ‘Oh look, Apple is rolling over and that is a sure technical sign that the rest of the market will follow’ and ‘It’s impossible for a large company like Apple to keep growing, so watch for its stock to drop,'” Jackson writes. “Thanks, market technicians. What a lot of nonsense.”
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Jackson writes, “I said back in April that there were 9 things that could happen to get the stock moving higher to the upside. The good news is that only a few of these have happened and it’s already shot the stock up to over $400 a couple of days ago. Imagine what could happen if all of these 9 things happened in spades.”
Read more in the full article here.
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