As we endure the COVID-19 pandemic, investors looking for stay-at-home plays are looking at Apple.
The Nasdaq composite started out well this morning, rising as much as 2.8% in the early going, but stocks across the board retreated on news that New York is following California’s lead in ordering most residents to stay at home in an attempt to slow the acceleration in confirmed COVID-19 cases nationwide.
Apple, a stay-at-home play thanks to its dominance in digital music and its innovations in the consumer electronics and streaming video space, is still 24% below its all-time peak. But the megacap tech is trying to build institutional support at the critical 200-day moving average…
Apple scored big gains — 48%, in fact — when it staged a picture-perfect breakout past 221.47 in a flat base on Sept. 11.
Volume on that breakout day rushed nearly 70% higher than the stock’s 50-day moving average in turnover.
The solid gain on Sept. 11 in heavy turnover bespoke huge buying by mutual funds, hedge funds, insurers, pensions and the like.
MacDailyNews Take: Apple shares are currently trading at $246.70. One year ago today, Apple shares closed at $185.73 (adjusted close price adjusted for both dividends and splits).