AAPL stock is poised to open down over 8% this morning – a decline that will wipe out over $55 billion off its market value due to a downturn in iPhone sales in China. This represents 15% of its sales and near 20% of Apple’s revenue.
AAPL is now down over 38% from its 52-week high exactly three months ago today.
Interesting to note: Wall Street’s 12 month price target for AAPL on November 1st was $236. Nearly 40 “Buy” ratings and NO sells. AAPL is trading at $143 in premarket.
NO Analyst Sells Nov 1st 2018
Well I’m a Strategic Technical Analyst and I sold. As you can see, I was up 1510% in profits on $AAPL that month at LaDucTrading:
Analyst Downgrades are coming in fast and furiously this morning.
Apple: Goldman Sachs Cuts PT To $140 From $182 $AAPL
Apple: Piper Jaffray Cuts PT To $187 From $222
and so on…
Apple’s current drawdown of almost 40% compares to -33% in 2015-16 and -46% in 2012-13.
My price target from early November of $135 is still in play. The QQQs have ‘only fallen’ 23.5% peak to trough this year. My SPX target of $2277 has time.
And not to compare or dramatize, but I do want to present for Sentiment purposes:
Remember Nokia? Nov 2007. King Nokia was dethroned. And before that Palm Pilot, Motorola, Blackberry. My point is: AAPL was crowned King upon its $1 Trillion valuation (when I recommended shorting), so the question is: Can AAPL restore their empire’s glory?
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At LaDucTrading, Samantha LaDuc leads the analysis, education and trading services. She analyzes price patterns and inter-market relationships across stocks, commodities, currencies and interest rates; develops macro investment themes to identify tactical trading opportunities; and employs strategic technical analysis to deliver high conviction stock, sector and market calls. Through LIVE portfolio-tracking, across multiple time-frames, we offer real-time Trade Alerts via SMS/email that frame the Thesis, Triggers, Time Frames, Trade Set-ups and Option Tactics. Samantha excels in chart pattern recognition, volatility insight with some big-picture macro perspective thrown in.
More Macro: @SamanthaLaDuc Macro-to-Micro: @LaDucTrading
