We did mention in the last article that Apple seems to have bottomed at $505 last Friday, the significant centennial figure of $500. Today it reached $560 now in mid day, an increase of near to $30. Needless to say, Dow increase by 170 points, with Nasdaq increasing by 48 points.
Our opinion is that 1.5 months back, US market drop started with Apple. Hopefully the Dow now recovers with Apple too. After iphone 5 launch, Apple has been disappointing! Dropping 23% from its peak. That marks the start of the Nasdaq and Dow Jones.
Btw, it is not normal for a stock to run up every single moment like what Apple did. Now at 5am in the morning, Apple closed at highest point! Almost every single hedge fund seem to cover shorting position liao. No selling at all... Have not seen Apple does it for ages!
But with this Friday- Black Friday great US sales (like Great Singapore Sales), US might be in a consumer retailing mood. Everybody seems to be geared up to buy some gifts and SHOP SHOP SHOP! One thing in their mind in buying things would be Apple products.
Hopefully $505 marks the bottom of Apple, and the start of a comeback! Go my darling! Make me some $$$ this christmas!