Where Does Apple Stock Go from Here
Just off of an analyst upgrade, Apple (AAPL) is up again. Using the momentum already behind the stock, AAPL is up over $3 per share today. It has been one of the quickest gains we ever made since the beginning of MarketMatador.com. We’ve been recommending and discussing the stock for quite some time, and much of the discussion has occurred below $100 per share.
As we previously highlighted, Apple still has a number of events for Apple stock to run up from. Look for two key periods of buying pressure left in June. The WWDC (Worldwide Developers Conference) will be held June 11th through June 15th. Beta tests of Leopard OS X will be handed out during the event and rumors about more computer revisions will be released during the event. There is also a keynote by Steve Jobs to look forward to.
Then, June 29th is the scheduled date for the release of Apple’s iPhone. We aren’t going to go into this one anymore. The story is what it is, and investors and consumers will soon understand the big picture behind the phone’s release.
Buying of Apple stock throughout this latest sell off in the Dow, huge 1% plus days on a regular basis, and a clear move straight up from the lows created by the news of Leopard’s delay till October. Apple has now surpassed our price targets, but the sentiment isn’t saying “sell!” We don’t know whether to say “we told ya so” to many doubters and ignore the big move, or to approach this latest move quite cautiously. Smart investing rules would suggest that you take some shares off of the table to secure profits, but investors are now paying much more for the growth potential in stocks like Apple. Apple should hit resistance around +3 percent on the day today, but the move should stay strong over the next couple of days, and at least until WWDC is complete.
Disclosure: Long Apple Inc. (AAPL)
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