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AAPL May Have Bottomed

All the articles that I see everyday regarding this stock are all about the reasons why AAPL is going lower or why it deserves to go higher. We will not know who is right until the inevitable happens.

AAPL as far as the stock has been trading everyday since the post earnings swoon, some days higher and some days lower. This is regardless of whatever the newest analyst or investor opinion happens to be for the day.

While all of this bickering has been going on, the stock has managed to possibly have put in a post earnings double bottom. Yes, I say possibly because only time will tell. My hunch is that it is more likely that it has done so very quietly, from the stocks perspective that is.

Yesterday's complete reversal of the previous days selloff should be opening up the traders & short sellers eyes again. Not only did recoup all of the losses from Monday, but it also rallied strong and closed strong above Monday's high of 455.95. We will need to see some follow through in the next couple of days to confirm, but right now it is not looking too shabby.

Adding to yesterday's rally was the news that Goldman listed the stock as their #1 on their top ten stocks to own list with a target of $660.00. I found it odd that this information was not rampant on the street, but maybe I just missed it.

The RSI is finally starting to come off of oversold levels, and the money Flow is bouncing up on the highest levels that it has seen since early October in the beginning stages of the selloff. We are still waiting for the Stochastic and the MACD to confirm the trend change, but the stock could be above $480 before these finally confirm the change in direction.

All that said, it looks as if this stock may have found a level where investors are willing to put their money where their mouths are. There is still a lot of shorts on this stock & in the options that can easily push the stock higher once the bottom is confirmed and the momentum changes. I guess we will just have to wait and see how it all plays out. Good Luck!!

Disclosure: I am long AAPL. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: I am currently Long AAPL and will continue to buy on any dips.