“Calling a top in a stock, sector, or market is as hard as guessing at a bottom. Has Apple hit bottom yet? No one knows,” Bill Gunderson writes for MarketWatch.
“I have continually heard that it has all the way down from $705 to its current $430 level. Those that tried to guess at the bottom have been wrong all the way down. I bought Apple at $368, sold it at $637 and have been calling it ‘dead money’ ever since. I also stuck my neck out on CNBC with the same opinion. My opinion has not changed,” Gunderson writes. “Apple will eventually do a Netflix, however. That is, it will find a bottom, go sideways for a while, shake out angry investors, and eventually break out and start a new uptrend.”
Gunderson writes, “Just as Apple will eventually do a Netflix, the market will eventually do an Apple. Good stocks like Apple do not go down forever, and markets do not go up forever. Just as Apple rolled over, so will the market. The problem is nobody knows when.”
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Apple is dead money for now – February 4, 2013