Apple confirmed its Friday hammer panic bottom with a $38 plus move higher, closing up 7.21 percent on the day. Nice!
How big was the move? BIG!
Apple’s $35.8 billion market cap increase on the day is larger than the total market cap of all but 146 listed public companies. At the high of the day, Apple’s change in market value was larger than the entire market cap of Starbucks and almost as large as Dupont and Deustche Bank. If ranked as a country GDP, the increase in market cap is larger than 97 of the 186 economies monitored by the IMF. Stunning!
Where to now? We don’t know with certainty, but, after consolidating this big move, it looks like the 200-day at $596 is doable, Always with a stop!
(click here if chart and tables are not observable)