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The left chart looks at the Nasdaq Composite index over the past 20-years.
Currently the index is back at the same price as it was back at the Dot Com highs. With the trend being up (above support and moving averages) the NAS, is attempting a “continuation of trend breakout” at this time. Should the index achieve a breakout above the 2000 levels, it would be viewed as a bullish continuation event.
The right chart looks at Apple over the past 5-years. For the past 6-months, Apple has struggled to get above the $133 level. From a very short-term perspective a short-term support line could be giving way, of a bearish rising wedge.
With Apple being the largest company in the world, it can have a large influence over the NAS index. What Apple does from here on a short-term basis, could have a good deal to do with the NAS breaking above 2000 highs or not!
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I normally ignore fundamentals, but when you consider Apple has nothing meaningfully new coming up to change the world (the watch was a bomb) it seems they have peaked in that fundamental way. They’ve got a ton of money overseas they can’t use ($180 billion) and the $20b they have here they buy back their own stock. They are a one-trick pony now, selling new phones with fancy bedazzled saddles. BFD. I’ve lived without their phone with my crappy little Motorola from the past century at $18/month, no texting.
I think Apple is getting ready to drop more than what it’s done thus far. I can see it in my mind’s monitor of their chart, wafting on the way down in gentle, occasional updrafts like a gossamer, fading dream of a dead guy.
My chart sees $26-38/share in their future.