)The top 100 stock
market authors
selected for publication in the last week
market authors
selected for publication in the last week
nyc_917
»
Comments
» Single Comment
| 
-
The Seeking Alpha 100
See all
Seeking Alpha 100 » -
Fastest Climbers
Those with the largestSee all
increase in followers
in the last week
Fastest Climbers » -
Top Commenters
Top commenters,See all
as ranked by their peers
Top Commenters » -
Top Instabloggers
The 100 most activeSee all
Instabloggers.
Top Instabloggers » -
Top StockTalkers
TopSee all
StockTalkers.
Top StockTalkers »
-
I watch both of these stocks...
Sep 15 09:09 am
|Rating:
0
0
All Comments by nyc_917 »Why It's Time to Buy Google, Apple [View article]
From a fundamental point of view, no one is going to be buying iPhones and Macs as the economy tanks. No one will be purchasing advertising, either -- remember what happened to the Internet companies in 2000-2001.
From a technical point of view, the picture is even more bearish:
- AAPL has broken through an almost 6 year uptrend line about 2 weeks ago by more than 3%. That's enough for me to say watch out below. In addition, also about 2 weeks ago, AAPL broke out of a year-long symmetrical triangle (triangle-top). Last week, AAPL reached a low at $146.00 lower than the previous recent low of $146.53 in the middle of July. It looks like today's market action will easily take out those lows -- premarket currently at $142.08 as I type. Recent high of $180.45 was lower than the last high of $192.24 in April. Lower highs and lower lows mean DOWN TREND. This is not a good time to buy but probably a *PRETTY GOOD* time to sell.
On GOOG - it clearly broke out (down) out of a year-long triangle top a week or so ago hitting $406.38. This low has not been hit since October, 2006. GOOG is trading around a multi-year low. Not a good time to buy -- falling knife anyone? GOOG also has the same pattern of lower highs and lower lows -- DOWN TREND. I wonder if the author of this article ever picks up a chart book?
IMHO
nyc