If there ever was a stock and company that could be regarded on par with a mythological creature, it would be Apple. For all its wonder and allure, it also has dominant numbers across the board and a bottom line matched by no other. But AAPL is vulnerable again. We've seen it go from 200 to 78 before. Though the company is arguably far stronger now that it was in March of 2009, there's also an argument to be made that Apple has filled much of the gap that comes with new products. There's simply less room to grow now. It's the Law of Large Numbers.That's why I can't help but think AAPL touches 150 before it touches 350 or 330 or 325, as some analysts have predicted. The selloff today after Steve Jobs unveiled the new iPhone G4 isn't quite over yet. AAPL could be in a shitstorm for a day or two more. Then, depending on the market, it could start moving back up again. That wouldn't shock me or a lot of other fans.
But if the market really goes on to make a huge move, it'll be down first. A lot of bulls will be patiently waiting for a rock-bottom entry point rather than deal with the lunacy of politics and stupidity on Planet Earth. Though signals indicated yesterday and today that the market is oversold, nothing stuck for long, so I'm glad to be out completely, sitting with my barrel full of dry powder. In 10 hours, I'll be back at it again, waiting for opportunity and walking away in almost every instance.
Big picture!
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