Post by JDSoCal on Aug 24, 2020 17:16:30 GMT -8
Apple stock is ripe for a pullback soon: money manager
The latest rip-roaring run in Apple’s stock (AAPL) may be more speculative than chock-full-of substance, making it ripe for a short-term pullback argues one shareholder.
“We do think there’s good news [from Apple] on the horizon, but this rally feels very speculative to me. It feels very Robinhoody — people trying to get in before the four-for-one stock split,” argued Laffer Tengler Investments CIO Nancy Tengler on Yahoo Finance’s The First Trade. Tengler’s firm is a long-time shareholder in Apple but has been selling into the recent rally.
“I think we will see a pullback [post split] and investors will turn their attention somewhere else. But Apple’s services is a great business and it continues to grow,” added Tengler.
While Tengler is more measured on the stock headed into its Aug. 31 split, she remains upbeat on the company’s longer term prospects as it trades people up to 5G iPhones and rakes in the cash from various services.
To be sure, optimism on Apple’s future is running at extreme levels.
“We do think there’s good news [from Apple] on the horizon, but this rally feels very speculative to me. It feels very Robinhoody — people trying to get in before the four-for-one stock split,” argued Laffer Tengler Investments CIO Nancy Tengler on Yahoo Finance’s The First Trade. Tengler’s firm is a long-time shareholder in Apple but has been selling into the recent rally.
“I think we will see a pullback [post split] and investors will turn their attention somewhere else. But Apple’s services is a great business and it continues to grow,” added Tengler.
While Tengler is more measured on the stock headed into its Aug. 31 split, she remains upbeat on the company’s longer term prospects as it trades people up to 5G iPhones and rakes in the cash from various services.
To be sure, optimism on Apple’s future is running at extreme levels.
I have level 1 real time quotes, as many here likely do, and I watch the market depth feed. I see nothing but lots of 100 or larger with the occasional 1 or 2 share bids sprinkled in (which I look for).
I personally enjoy watching AAPL hit a certain strike and a flood of yellow (above ask) orders in the thousands instantly stream, obviously triggered algos.
Anyone who says this is a Robinhood rally clearly doesn't know wtf they are talking about.
BTW Cramer, who apparently gets paid by the word, is now saying people shouldn't buy Apple here. But wait, I thought you should own it and not trade it? This fuh-kin guy.