Me too. If it descends below 36 during a market downdraft (expected Monday), we might expect more support at some psychological point like 34. But, I'm afraid the December bottom of 32 is the only absolute support. This highly negative scenario is only possible, of course, in lieu of any price driving news event, and under the influence of a hard market downturn. Remember! This is an event driven stock. No event equals no drive.
There will eventually be an event to put the stock back into range of setting new highs. So, for the most part, my opinion is that the stock is a buy for anyone with a 6 month horizon. Price conscious shoppers should set a buy order at 36 for certainty, 35 1/2 for miserliness, 35 for a slight gamble that just might pay off, and 32 if you like long shots with high returns. Anything in between, well, that's just a matter of degree.
But we're only $5 away from 32, and the market is acting like a drunken sailor on a narrow gang plank with no hand rail. Just Thursday, intraday, we saw 35 1/2, only 3 1/2 above the 32 bottom. So don't assume that "it ain't gonna happen." The week as a whole could end up negative.
On the other hand Apple, under Mr. Jobs, can be just as mercurial as the man himself.
HerbVic |
