We crushed $42.38 everyday this week. The highs for each day were:
But each day FIT closed under $42.38 (the closing high from July 1). Just because FIT is at $43.75 in premarket doesn't mean it will hold $42.38 into close. And $50-$52 is ways off...
Unless you got in early, I don't see a much potential in AAPL. Other than iPhone all their other products are failing. iPads have been in decline for the last 8 quarters. Apple Watch sales has been dropping. Apple got into the music subscription way too late. There is other innovation in Apple that I can speak of at the moment.
I'm kinda done predicting this stock. At the moment, FIT is trading kinda weak. It was over 5% at open while markets were tanking. Now that market recovered and turned green, FIT is only up 4%. So yeah, it's a weak stock today given Outperform rating and market recovery.
Don't know what's going to happen today. But yesterday I was patient and saw FIT drop from $43 to $39.75. This is really a trading stock because of its volatility.
This is no where near panic selling. Volume today is only half of average. Nevertheless, I'm concerned that it did not recover with the market.
As far as I'm concerned, if FIT can hold $42 today I would be fine with that. Remember, it went from Monday's closing of $33.28 to yesterday's of $42.38 - that's a gain of 27.3% in two day.
Wanted to shock and panic the longs into selling the in the pre-market and set the tone for the trading day. Is does not appeared to have worked. Like yesterday's massive drop from intraday gain of 9% to less than 1%, it only presented a buying opportunity.