Written by Rick Ackerman, Rick’s Picks
A ‘Heavy’ AAPL Could Weigh on the Market
My last forecast called for a moderate but not explosive rally on the final trading day of 2018. That’s exactly what happened, but because AAPL looked so punk, I doubt the uptrend is going to get legs.
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DaBoyz held the broad averages buoyant in the early going Monday for just long enough to trigger a flurry of short-covering, the only buying strong enough recently to sporadically counteract tax selling. AAPL was acting pretty subdued, however, implying there are still plenty of sellers around even though the stock has come down 37% since topping in early October at $233. If it gets second wind and blows past the 160.57 target shown in the chart, the bullish case for the near term would strengthen.
In any event, you still need look no further than AAPL to know what is on the shrunken, fevered brains of the portfolio managers. If it is going nowhere, then neither will the broad averages.
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