Bearish technical trader: Apple is starting to form an incredibly bullish pattern

“Anyone who has read my blog knows that I have been a huge bear on Apple because I knew that many of the biggest mutual funds and hedge funds were dumping this stock over the last 3 month,” Will Meade writes for Billionaires Portfolio.

“Yet I never mentioned the fundamentals of Apple, which everyone already know about how they have the best balance sheet in the world, a great dividend that’s higher than the 10 year treasury and growing, and now a perfect technical trading setup on the chart,” Meade writes. “See I am an opportunist, I might have hated Apple over the last 3 months, but that does not mean I am not always looking at the stock every week to see if there are any signs of a bullish reversal. Well we finally have one. Apple is starting to form an incredibly bullish pattern its called an Inverse Head and Shoulders Pattern… Now the second reason I think Apple is bottomed is that there is a catalyst which propel this stock back up to the $545 area, which would be a 25% move from Apple’s current share price of $433.”

Meade writes, “Here is the catalyst: Tim Cook the CEO of Apple, for the first time has come out and lobbied for Apple verbally in the public domain. This is a sign of leadership major hedge funds have been waiting for. Mr. Cook is going to congress and try and work with the US Government on repatriating the billions of dollars that Apple has overseas back into the US at a lower tax rate. I think the US Government will work with Apple and Mr. Cook on this. Why? well as Mr. Cook has said Apple is a huge taxpayer already and a huge employer of US Citizens, so they have a lot of power to negotiate and therefore I believe Apple and the US government will cut a deal on this offshore money… The cloud of uncertainty will start to disappear. When you combine that catalyst with the bullish Inverse Head and Shoulders Chart Pattern, it means Apple has bottomed.”

Read more in the full article here.

[Attribution: Fortune. Thanks to MacDailyNews Readers “Fred Mertz” and “Arline M.” for the heads up.]

12 Comments

    1. That’s quite the coincidence–my father’s brother’s nephew’s cousin’s former roommate said the same thing!

      Seriously, though, I’m hoping that Apple will start seeing more (and better) good days than bad. Praying that Cook puts on quite the show for the Capitol Hill crooks.

  1. “Cut a deal” with lowercase “congress”? Yeah right. Tim Cook is going there to “testify” in front of a bunch of lawyers turned politicians. He is not going voluntarily. He is responding to a summons by hypocrites.

  2. This is a riot. The whole premise to the article is the “inverse head and shoulders” pattern. Do these guys really believe that crap? You might as well read your palm or some tea leaves. Jaheezus.

  3. Idiocy well defined:

    I have been a huge bear on Apple because I knew that many of the biggest mutual funds and hedge funds were dumping this stock over the last 3 month

    And what does this have to do with actual APPLE? Nothing.

    Yet I never mentioned the fundamentals of Apple

    Which justified your being an Apple Bear exactly HOW? Because the stupid hedge funds went on a brainless stampede away from AAPL. Idiotic.

    Getting the clue folks? Being an ‘Apple Bear’ never had anything to do with ACTUAL Apple.

    FSCK the Wall Street manipulation parasites to the ∞th degree. 😛

    1. Gotta love this vacuous phrase:

      The cloud of uncertainty

      Woo! Spooky! It’s no coincidence that the second word in the phrase ‘FUD’ is, surprise, UNCERTAINTY. IOW: It’s all just manipulative propaganda. That’s what passes for ‘business’ these days: Lame-Ass Marketing Moron Behavior. IOW: Zero respect for one’s customers or clients. Rip them for every penny they’re worth, no matter what it takes. That’s why I label this garbage as “BIZNIZZ”. It’s that idiotic.

  4. “Tim Cook the CEO of Apple, for the first time has come out and lobbied for Apple verbally in the public domain. This is a sign of leadership major hedge funds have been waiting for”

    Then they have totally misunderstood Apple as a company and should not invest in this great company. It seems to be a common theme amongst funds and the street that they don’t get Apple even though cover it, trade it and invest in it. This is not investors that Apple wants or need.

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