In a recent commentary, I noted that it had appeared that Apple (AAPL) had found a bottom.
On September 26, shares of Apple jumped higher on the day by roughly 2 percent and closed not far off its highs.
Next Leg Up
In my opinion, Apple could rise to nearly $160 per share before running into trouble again.
It is also worth noting that analyst revenue estimates for this coming fiscal fourth quarter and the first quarter haven’t been taken materially lower, despite concerns about demand for the company’s iPhone franchise.
One would certainly think these numbers should have started coming down substantially if it were the case.
Interestingly, analysts have raised revenue estimates for the Apple’s fiscal second quarter materially over the past 3 months.
In my view, investors should continue to watch Apple and how it trades over the coming days.
In my opinion, it is a market proxy.
As Apple goes, so goes the market.