StockBlade Call To Avoid AAPL And Goldman- Both Get The Hammer
May 22, 2008 12:23 AM
We warned to avoid Apple in this area and said we should have advocated to short it. It got crushed today. I just cannot imagine what people are thinking being long AAPL in the $190 range. The chart says no, common sense says no, the PE says no AND it is in the worst space to be in - in the world - US Consumer Discretionary. Ok, well, the worst space to be in is airlines, but let’s be real, anyone buying those may as well give me all their money now and save them time from watching their account plunge to nothing.
Anyhow, the Appleheads took a beating today. I am not down on AAPL, Jobs is brilliant ( and I have very high standards for brilliance, Gates is not in that category, IMO) . But the stock is overpriced and overhyped and more importantly the chart screamed to avoid it up here. On my other caution call on AAPL the reversal was not “confirmed”. The reversal was confirmed on 05/15. Not to get into what I consider a confirmation or not, but that reversal was never confirmed and it marched higher.
Oh, and I think Cramer JUST screamed long AAPL yesterday…uhhhhh wrong as I said.
Comments
Got something to say?
-
Recent Commentary
- Site Update: It Has Been Fun, But Closing It
- Morning Call: Open Sold
- Market Recap: GM News Was Not Really A Deal, Dow Low Cleared Late and Down She Goes
- Morning Call: Open Sold, Dow 7773
- Market Call Revisited: Sell Asia
- Market Recap: Not Good
- Market Update: Doesn’t Look Good, 818 and 826
- Market Recap: Buyers Above 818
- Morning Call: Open Gap Bought
- Market Recap: Buying On A Big Number, Now What?
- Morning Call: Still Uncertainty
- Market View: GM Holds The Cards
- Stock Charts VS Market Charts
- Market Recap: Somewhat Predictable, Low Came Where I Said Was Likely
- Morning Call: Unclear, Risk Is High
- Huge Rally: Now What
- Market Comment: Does News Even Matter?
- Market Recap: Close Day Craziness
Our Mascot Trading Goal: Ferrari 599
