Chart of the Day: Can Apple Get Some Praise?
Why can’t Apple ($AAPL) get the same attention as other tech stocks? Why is the focus solely on the names that have risen so much and are now wreaking havoc on the rest of the stock market?
I’m sure many investors are pleased with their gains this year in stocks such as Micron Technology ($MU), SanDisk ($SNDK) and Applied Materials ($AMAT). But let’s not forget about Apple, the company many have thought would be left behind by AI, told they were too slow and not spending enough capex and would miss the next big cycle.
Well, all Apple has done is move higher and reached a new all-time high earlier this week. Pressure on the stock in late June caused some reactive selling and actually took Apple to some great support, the 100-day moving average. From there it was up and away. In fact, in 13 sessions since tagging that level ($275) the stock is higher by 15% — a stunning move for one of the most reliable and consistent companies on the planet! FWIW, Apple only trails Nvidia ($NVDA) in the race for the number one market cap, and the gap has narrowed considerably of late.
The chart shows a strong trend of higher highs, higher lows. That is a textbook definition of an uptrend. Money flow is back to positive, stochastics are strong and the RSI is elevated.
We could see a bit of sideways consolidation here before earnings are released later this month, but make no mistake, if you turn away from Apple you’re going to pay the price. Let’s applaud this company for staying with their plan and delivering for shareholders.
We like Apple in TheStreet Pro Portfolio and rate it a Two, or “stockpile on pullbacks.”
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At the time of publication, TheStreet Pro Portfolio was long AAPL, NVDA, MU and AMAT.
