Apple was up an impressive $18, or 3.15 percent, in today’s relatively weak market.
Forbes reports sales are off to a strong start this holiday season and quotes several positive notes from analysts,
Ben Reitzes, Barclays Capital: “Our checks back our view that Apple’s sales momentum is picking up heading into December, supported by increased availability of and demand for iPhones and iPad minis. In Apple’s stores nationally, we saw a surge in availability for the iPhone 5 and iPad mini – with shipments arriving late Wednesday for most stores,” he writes. “Given increased availability it now seems much more likely that Apple can deliver upside to our [December quarter] estimate for iPhone unit sales of 43.5 million. For the March quarter, we also estimate iPhone unit sales of 43.5 million. Our checks with the supply chain and with our colleagues in Asia indicate that Apple’s production of the iPhone 5 could even support unit sales of over 50 million this quarter. “
The stock cleared an important Fibonacci level today and looks like ready to reclaim the 200-day moving average at $598.40.
Most, important, however, is that the news flows is positive and the stock can now be driven higher by the perception of a monster blowout in the next earnings report. Apple appears to have recaptured its mojo.
Always with a stop!
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