AAPL and GOOG are still overbought. I told it a months ago and I still do not see any signs of reversal up.
I recently tested a Microsoft Surface, after experiencing the piece of crap that it is vs Apple mobility products, I now want to invest long in AAPL even more.
its hard to compete against amazon and google because they sell the tablets at cost. you can buy a laptop pc for 350 and apple laptop can be 900+ for a similar processor. apple is big because it was the first in what it did but its not coming out with new products like that lately and that's where the money is. i don't even see how miscrosoft surface needs to be in the conversation.
I mentioned Surface because it's the new kid in the block. Even if Amazon and Android are contenders, and obviously much cheaper, truth is nothing out there can currently compete with the Apple quality, software library, and mobile OS.
I see these possibilities from here: 1. Friday's low of 591.00 holds as the Uptrend's new Higher Low. This makes sense as a "two steps forward" (35.60% rally from 519.95 to 705.07), "one step back" (16.18% pullback from 705.07 to 591.00) type move. This is quite possible, if round number support holds at 600, and the Market's mood turns positive again. After which the next rally goes to a New High above 705.07, and the Uptrend continues. 2. There is no rally attempt, and AAPL continues to fall from 604.00 down through 519.95 to a new Lower Low, say to 500. With all the support I see between 604 and 519.95, I'd say this is very unlikely. 3. If the next rally attempt can't make it to 705.07, a Lower High might be formed at say 675. Then other attempts to break down through 519.95 might occur, and finally succeed, to say 500. This would then be the beginning of a new Downtrend for AAPL; with a High of 705.07, a Low of 591.00, a Lower High of 675.00, and a Lower Low of 500, etc. 4. AAPL decides to form an up and down, random back and forth Trading Range, somewhere between 705.07 and 519.95. In the past these "Apple Channels" have lasted from 4 to 6 months. At some point AAPL will finally make up its mind to break-out to the upside and continue its Uptrend above 705.07, or break-down below 519.95 into a Downtrend.
I see. There certainly is a strong case for the "long in the tooth" Bull Market coming to a close. All the funds must own AAPL by now as well, so if they start selling it big time..... ugh. If there's a crash now, with Zero % rates and the Fed pulling out all its other stops to try and help.... gulp. I've done my share of selling short and Put buying in the past, so will gladly switch over to try and make $ anyway possible. I see 1400 as a key level for the S&P, and 600 as a key level for AAPL. We'll see what happens. Especially after the Election, which couldn't be at a worse time!
Careful with the Doom and Gloomers of this board. Here are two helpful quotes: "More money has been lost predicting bear markets than in actual bear markets" "Don't fight the fed"