Chart of the Day: Let's Give Apple Some Love, Too!
All the attention recently has been on Nvidia, but the iPhone maker has been quietly making a bullish move.
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It is hard to believe trading in Apple AAPL could go unnoticed after having such a strong month of August. If I told you Apple was up 12% last month and nobody seemed to care, you would probably scoff. But that actually happened, and the big tech/retail company is now within 10% of an all-time high, and rumor has it there will be an "event" coming up soon where they might hint or preview a new iPhone variety.
These are exciting times for the iPhone maker as they meander through the noise of politics, trade and challenging economic conditions. The company is poised to make a strong run to the end of the year and has quietly added some large supporting fund managers. We have heard Warren Buffett has been selling some Apple shares, which makes sense after Berkshire Hathaway BRK.A BRK.B has amassed a huge gain over the past dozen years.
The chart of Apple remains bullish, and the candles are blue, which means a strong bullish condition on the GoNoGo composite of indicators. Money flow is strong, which is telling us big institutions are coming in and buying shares. That 12% gain in August was not fluke.
We like Apple in TheStreetPro Portfolio and rate it a Two, or "stockpile on pullbacks."
At the time of publication, TheStreet Pro Portfolio was long AAPL.
