Nice ‘toon via Mashable!
Is Apple ready to bounce after its horrid almost 30 percent two-month swan dive? Friday’s humungo reversal on humungo volume looks like a decent trading bounce is coming.
Even the bears seem to think so, including big uber Apple bear, Jeffrey Gundlach, who called into CNBC’s Options Action on Friday saying, though he is still longer term bearish, the stock can bounce $50 from here,
I do think the action this morning looks kind of like a classic short-term bottom, with the down and reversal to a modest upper close. It’s interesting that the low back in the middle of the year was around $525. It would have been very interesting to see apple close below $525. The fact that it didn’t, and basically had that big reversal earlier in the day, i think really, it’s headed higher in the near term…I think it’s going to rally up maybe $50 or something from where it is now.
We hope so.
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