Apple Inc. (AAPL): Is The Stock Finally A Buy?
BillionairesPortfolio.com: As I showed you yesterday, Apple Inc. (NASDAQ:AAPL) had broken out of a downward trend channel, on a gap up day, a very bullish reversal signal, but today unfortunately Apple looks poised to go lower. One of the key things that is missing right now in Apple is Institutional Buying, there is little or no bullish volume going into Apple whatsoever. Just take a look at the chart below and you can see that volume in Apple has completely dried up, a very bearish sign, we need to see Apple move up on strong volume, to confirm that a Bullish reversal is in place.
What this means for now? Apple is in a wait and see mode, if Apple breaks above $460 on big volume then I think the reversal is in place and Apple is a Buy, if Apple slips back below $430, you definitely want to sell it. Remember Apple is being driven by news items and rumors right now, whether its an increased dividend or an Apple Watch. So its a very hard stock to trade right now, and the smart money is waiting on the sidelines, and so should you.
Click on the chart to enlarge:
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Related ETF: Technology Select Sector SPDR (NYSEARCA:XLK)
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