By Jeff Pierce
I just saw a price target of $1111 for Apple. That is just absurd. Marketwatch should be ashamed of printing that. That analyst must be into numerology as that number couldn’t be more random.
Markets could be due for a pause, but I don’t really think it’s going to happen. If it does it’ll be quick and bought by the dip buyers. The Dow could fall to 13550 range and not even hurt it’s current uptrend in any way. The Nasdaq is really going to blow in the direction of Apple tomorrow and the rest of the week. My thinking is Apple gets a positive reaction (notice I didn’t say they’ll blow away earnings). I just think Apple traders have been taken to the woodshed enough over the last month or so that any whiff of good news sends this stock (and the Nasdaq) higher. I don’t think it’ll last and I think $550 is tops for this stock before it resumes it’s downtrend. But let’s see how the chart looks when/if it does rally.
Lots to be bullish about and I wouldn’t really say sentiment is in the over confident range yet. Maybe when the Nasdaq breaks 3200 and we hear the cheer of the next great bull market we’ll start to get ahead of ourselves…but as for now I think it’s slow and steady as my proprietary charts look very strong.
Here are some extremely strong stocks showing up on my momentum screener.