I have little doubt that that APPLE looks strong. She is waiting to burst through $580, which seems to be small resistance now. It is only a matter of time that she break through.
See my article yesterday:
I mentioned that $580 is the last barrier for it to fly. Today it opens high at $581 before collapsing to $571. Now it is back to $579. Can't break through convincingly yet. I thought that it has a chance of gapping up today, but it didn't as the economical reports did deter it from flying today.
Like I say, this maiden APPLE flight may be deterred if Friday reports are not good. So we have to see how the reports are 2moro.
Yesterday one of the most respected hedge fund manager, David Einhorn, in Wall street commented on Apple, publicly gives his blessing to APPLE.
David Einhorn thinks it is one of the most undervalued stocks in US and provided his reasons.
By the way David Einhorn is a know shortist. He likes to study the fundamentals of stocks, and short those that could not justify its valuation.
He has received extensive coverage in the financial press for short selling Allied Capital, Lehman Brothers and Green Mountain Coffee Roasters stock.
His past track record:
Just one word from him, stocks can go down 20-30% in one day. Recently Herballife suffered a 30% decline in one day because of this guy too.
The thing is if David Einhorn gets his name behind this stock, I think we should too! Fundamentally it is so undervalued now.