Why was Apple (AAPL) down today and the rest of the tech sector up? (January 07, 2019)
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I want to look at Apple ( NASDAQ: AAPL ) today and this is why: We looked at this last week on this little sell-off and then a move higher. The market was up today over a percent. I am just looking at the Nasdaq 100 ( INDEXNASDAQ: NDX ); Apple ( NASDAQ: AAPL ) is down a bit.
Now, the bullish argument is, yes, but it printed a higher intraday high and a higher intraday low. That’s a valid way of looking at the price movement. The bulls were much more powerful than the bears on the pullbacks here today. A pullback on Friday fell clear down to here; today not so much, buyers came in.
Here’s the thing, nothing against Apple ( NASDAQ: AAPL ) I like the Apple ( NASDAQ: AAPL ) products other than the Macs because I am the PC guy, I don’t find Macs intuitive at all. I know I am the only guy on the planet that feels that way, but I do, but other than that it’s fine.
But here’s the thing, I just think you have got to sell Apple ( NASDAQ: AAPL ), even at this point. I have drawn this line here from this last big low here, this would be my idea of where A bottom could be, right here, I drew this last week. I am looking at this, and think about this guys: the stock is down over a third from the high; this has been a massive high-flier. I think if this was THE bottom this stock would be much higher than it is now. It continues to make lower highs and lower lows. This is a line along the highs. Oh yes, but Dan that poled through a little bit. Fine, but this is still a slope that I wouldn’t want to ski down, it’s too steep, and then the lows continue to be here.
So I think you have got to look at this little rebound in Apple ( NASDAQ: AAPL ). And if you are long this stock just consider this: At 148.00 do you think that this stock is actually going to outperform the market this year? Do you think it is actually going to do better than the QQQs ( NASDAQ: QQQ )? Maybe you would be better off if you would be better off in the QQQs ( NASDAQ: QQQ ) than in Apple ( NASDAQ: AAPL ); this, ( NASDAQ: QQQ ), was up over a percent today while Apple ( NASDAQ: AAPL ) was down, so it outperformed by 1.4 percent just today.
So my suggestion again is, this is not rocket science here, just sell Apple ( NASDAQ: AAPL ). It’s really okay, you don’t have to just be an “Appleoninan”. I think somebody mentioned this is the forum today: Apparently Jim Cramer, who I love, he gave me my start in this business; Jim Cramer is, I won’t say he is pounding the table but he is pretty bullish on Apple ( NASDAQ: AAPL ), he says this is now a great value stock.
I will tell you this, I beg anybody to disprove me on this, anytime a growth stock, a FANG type equivalent stock, anytime a growth stock becomes seen as a value stock, that means you have held it too long. Growth stocks do not become value stocks; they just become has-beens. Sorry, I know it’s blasphemy, go ahead and send me an Email bomb or something but I think you have just got to sell Apple ( NASDAQ: AAPL ).
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