He's the guy who called $701 a screaming top on aapl.
he now says that the selling is massively overdone and says the stock is within a day at most of bottoming.
love him and his chart work -- he's been brilliant on aapl.
btw, the fundamentals are screaming here as we have pointed out today on several threads, esp when idiots call this dead and screwed just like all the other companies that went nowhere (as if aapl is a comp to flat revs stories like dell and msft with products like the zune and cheesy desktops no one wants).
wait until tomorrow when all his clients pull off the short hedges (cover short shares, and cover in the long puts and short calls).
Here is to all your dreamers and optimists that are unable to see the fact that Apples time is at its end. I wrote back two weeks ago, in this thread(scroll and look), when Apple for the first time broke 500 mark that Apple would drop to 400 and test that level. And ignorant longs here know one thing, and that is to bash and tell you that you need to take a course in TA. Well, hope for your sakes you didnt put all your money on what Demark said, cause Apple will not see 500 or 600 dollars in a long long time. If ever.
Steve Jobs = Apple
I don't mean to bother you, or post off topic on this message board, but I was wondering what your thoughts were re-guarding Fusion-IO. I normally just read and do not post, but you had good insight, and haven't seen you posting on there recently. Know people hold this stuff close, please don't consider it rude, but I was wondering do you still have a position in Fusion-IO? Also, what do you think about earnings coming up here. The street has estimates from 0.02 to 0.10 ave of 0.08. Imagine the whisper is 0.11-0.14. What do your sources think it will be?
I bought FIO in OCT 2011 around $30 since then I have averaged down to a mean of $25. I am really afraid this stock is going to move up till Jan 30 and then sell off on the news come the premarket on Jan 31. Some people on the message board say its going to dive, that has got me worried. Do you think its worth the risk holding over the after hours release. I know you are busy, just wondering what your thoughts were, thanks... Kim
The stock was at $485 when he said this, so it has moved up $25 since. That leaves another $90 to go this week, likely most of it tomorrow as every analyst out there will need to raise estimates for the rest of the year.
Ten days ago DeMark called an exhaustion bottom (end of downside selling) on AAPL saying ~"The bottom is in and the stock should rally AT LEAST 22% [which would be back to $600] over the next couple of weeks" That two week period ends this Friday.
Read more below if you missed it, unless you are an unhedhedged short in which case you should probably short another 10 shares. LOL
read down the thread -- I'll suggest you read my posts vs the drivel of short gumps -- but have at whatever.
you can bing or goog "cnbc videos DeMark and get it there if yhoo took it down again.
Demark's comments on Dec 15th (stock trading at $485 on the same day Al Gore exercised 59k options for tax purposes:
"this looks like a very strong rally of at least 22%. we wouldn't be surprised tomorrow to see apple gap up above $494, $495 despite trading lower in the aftermarket today. and just move forward right from there and be strong for the next couple weeks. and reach $600. we think the low is in... t
tomorrow, we should produce a 13 [his most powerful rating on convergence of indicators], which is the bottom. [Even if] we have a down opening tomorrow, that 13 will appear. and there's no way we can erase it. the market [downside trading trend in AAPL shares] is exhausted. we pride ourselves in being anti-trend, identifying trend exhaustion. the down side trend, we're very confident it exhausted itself.
Melissa (stunned and disappointed look on here face) "tom, you are saying that the bottom is in for apple?"
Tom DeMark, "yeah, bottom is in..."