A Pair of Earnings Plays
Apple (AAPL) is redefining the way Wall Street hates a stock. The fall from grace has been swift and incredibly painful. It seemed like not too long ago, the discussion focused around $700 per share and the march toward a $1 trillion market cap, or as Bob Byrne would say, a "Trilly."
Now AAPL is actually closer to zero than to a trillion and the defense of the stock by a dozen analysts today is being ignored. It is as if they are trying to defend a castle from two counties away. Not only is the action brutal today, I would call it irrational. The weekly and monthly charts are tilting toward a strong buy point based on history, but we may not get there until around $420-$425. Psychologically, $450 could be a buy point for traders looking to play the bounce, so I am watching that level this afternoon....242 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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