This chart ran in Quick Takes Pro this morning before the open. The point was that Apple was at all-time highs – not just highs for the rally from March.
Bear market of 2008? What bear market? But with this stock now at resistance and weekly RSI reaching overbought levels, well, you know.
That’s just one stock. What gets me is that any stock could do this. Remember, just seven months ago the financial world was on the brink of collapse (that’s what they told us). To see not only business as usual but record results so soon means that either Steve Jobs and company are the Goldman Sachs of the tech sector or that the entire financial fiasco was a load of crap.
Sorry for the strong word but it could have been stronger. I still cringe when I think back to former Treasury secretary Hank (my chain) Paulson crying that we have to bail out the banks or we’ll cease as a nation. Good companies like Apple are too strong to go down when the bad companies implode. That’s what the free market is supposed to show.