Remember when Apple missed earnings by 10% last quarter? I really thought that would give me a chance to buy the stock near $550.
Instead, AAPL shares gapped down $30 from $600 and hung out at $570 (never going a penny below mind you) for three days before marching slowly upward to new all-time highs today above $644.
I think fund managers who don’t own “enough” AAPL will be very eager to put some under their belt below $650 this month.
It seems the path of least resistance here is UP, UP, and AWAY into their October earnings report, with possible announcements about the next iPhone and whispers about Apple TV to spice things up.
In other exciting tech news, Google is making new 4-1/2 year highs above $675. We haven’t seen these levels since December 2007. Props to our Jared Levy for making a bullish GOOG call a few weeks back when it was trading below $640.
So, will AAPL see $700 this year? I think so.
The only question is how soon. What say you?
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