Coming off its solid win in the 1st round of the Fund My Mutual Fund Stock Invitational Apple (NASDAQ:AAPL) has put on a 12% move in the past 4 days. We discussed this stock late last week [Mar 20: Apple Mac Sales Up 60% in February] In that post I wrote:
I still think Apple is one of the few true growth stories in tech, and at current valuation is extremely compelling. But until a lot of technical resistance overhead in the low to mid $140s is taken care of, the stock will remain range bound.
Well now we are at that all important mid 140s, as the 200 day moving average beckons - just a tad under $145. A move above this level (maybe off Oracle report tonight) and in a bull market I'd be buying hand over fist. In *this* market I'll have to assess a bit closer but it's definitely a nice move and Apple is looking like the old champ it has been the past few years. With quarter end approaching I am not sure if this is just the institutions running up the stock price or the long awaited beginning of a rebound. We shall know soon enough.
Disclosure: Long Apple in fund; no personal position