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Apple Is Still a Strong Buy


A proprietary countertrend indicator has not yet offered a neutral reading on the tech giant.

MINYANVILLE ORIGINAL We told readers we would update them once we got a Neutral reading on Apple (NASDAQ:AAPL) based on our proprietary countertrend indicator. If you read our last several articles on Apple, you would have done pretty well. On Sept 14, we said to reduce exposure to Apple (see Countertrend Alert Issued as Apple Approaches Overbought); on Sept 27 we said Apple was still approaching Overbought and that we were waiting for a Neutral rating on the countertrend indicator before buying the name back (see When to Buy Back Apple Stock if You Removed Exposure). Apple is still rated a Strong Buy; the overall price action in the broad market has been a concern and the internals are weakening. Longer term investors: You may get a larger pullback in Apple and have a better entry point with a broad market pullback.

As we have mentioned in prior posts, we do not use RSI.

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