What is hurting Apple the most? Currency and oil. What does he need to happen? The dollar needs to go down. So was he screaming from the mountaintop the night before the Fed speaks to persuade? You may think ridiculous, but the CEO of the largest US company has some weight. And that was an excessive number of macro referrals.
Let's hope the stock can hold on until Apple can start buying (I believe Friday is the day). And in the short term future, Apple will be expanding that buying. I don't remember the exact wording from the CFO, but it was something that they will be "VERY" (a strongly worded very) active or aggressive in buybacks and overseas markets to finance the buybacks. Apple has a safety net with these buybacks. Thank God. Because the media is giving no credit to the $80 billion revenue in constant currency this quarter. That would have been a great beat. If Yellen goes dovish and the dollar follows with weakening, watch out. Apple will be back in a big way. Add that to the iPhone 7, and I think all of us who are on this roller coaster will be on top again next year.
Still early, but looking like a pretty damn good if I do say so myself. If crude doesn't get smacked down by its upcoming resistance (31.75-32.17), then I think AAPL is off to the races.
Made a slightly lower low at 95.74....Within margin of the last-ditch 95.83 support line as noted above. Again, a lot of resistance, but with an oil rally, I do think this could be the bottom.
Apple failed at a .500 retracement .... As I said above there is a ton of resistance in this stock. Key is to hold above 95.83 which is the last symmetry support line left on the chart. Apple is beholden to the overall market right here, and crude seems to be leading the charge. The good news on crude is it has hit a major downside target/extension on the daily chart: 1.618 Fib target was 29.94, and the current low is 29.93. Many moves tend to end at extensions and reverse. If (big if) this can happen, then we could see the rally needed. Same situation, though, in crude as in the rest of the market. There is a TON of resistance to get through.
Turning point right here? Possibly.
Front Page: "We see some great stocks worth buying now: autos, financials, Apple." Nice for fundamentals. Technically (student of symmetry and Fibonacci price/time), Apple needs a bump to break out of the lower resistance (IF the 96 low holds (resistance at 99-100, 102s, then 105, then 108, 112 and 118 - would all change with any new low from here) - and give it a chance on the technical side. Unfortunately, yesterday looked like Apple had some momentum, but the overall market is in trouble. Looks pretty likely that the market will retest lows (looking for a high of the VIX @ 28.25 which would be a retest of the August lows). That VIX high, though, translates into what is technically known as a powerful 2-step pattern, and if the VIX does reach 28.25 (currently trading at 27) and repels that line, it would lead to a big upside move in the S&P (FYI - that same 2-step pattern occurred in September, held below it and led to the major October rally) . Can Apple buck the market before then? Not likely. It will probably take an irrational - given Apple's low PE - ride down with the loftier PEs of the S&P. Once we get through the pain, I'm looking for a move considerably higher from here to peak around 2/23 (75 day high to high). That's a little crystal bullish, but it's a reasonable timing estimate. As far as price targets, 118 is currently the highest major resistance level. If Apple breaks above that line (I know seems miles away now, but we, of course, have earnings in January to give the stock a big boost), then 130 is a Fib target off the latest move, and 146 is a bigger-picture Fib target. One more thing . . . if the market does continue down and if Apple follows it, then there's timing for a low between 1/18 to 1/20. GLTA.
Check out Barron's from Saturday....has Apple at top of the list because of huge cash flow and subsequent strength/ability to raise dividends along rising interest rates.