It’s just the way the market works. Apple is still a darling by most accounts, and it’s so close to $100 per share which pre-split represents an all time high.
Market psychology will not allow Apple to fall short of this number.
You’ll see the analysts call for new price targets as high as $150 or even $175.
Each and every time this occurs, it seems to coincide with a major product release or upgrade cycle. It’s also normally followed by lower prices in the near term.
Right now, Apple is so close to this BIG round number of $100, and the hype hasn’t even taken hold yet, that we could see a nice juicy over shoot all the way to $103 – 105 or higher before we see a reversal signal.
All in all you’ll find out from tonight’s video what my thoughts are in terms of the stock market this week and beyond.
The upward correction reached the first logical area of major resistance today. The time of year may outweigh reality and push Mr. Market even higher in the days ahead.
Nevertheless, there are still great trade setups on both the long and short side setting up profitable swing trade opportunities.
Enjoy tonight’s video.