Fun Fact #42
A deer market is a flat/neutral market, being neither a bull nor bear market.
Apple hit my target 3 weeks ahead of schedule… Interesting. I’ve put in a target for BABA now that earnings are out of the way.
From the current look of things, it looks like the markets won’t drop unless some unexpected event happens. Perhaps most of the above stocks will reach my “If wrong” targets instead.
This morning, I woke up to see BABA in the premarket hovering near 191 due to an earnings beat. By 8:30 AM, BABA was red (dropped 4% from where I was watching it), which was quite uncomfortable. After checking back on it at the end of the day, I was pleasantly surprised 🙂
Warren Buffett announced a purchase of 75 million additional shares of Apple (AAPL) in Q1 this year. That sent the stock flying today, carrying the entire market up with it. Job payroll numbers came in much lower than expected, which I guess was “good news.”
Notice the extremely high volume today. Although the target is set for 5/25, I could see BABA hitting that 200 target within 5-7 trading days. If I’m wrong, I expect BABA to retest 175, which is the bottom black horizontal line in the chart above.
Apple has hit my 183 target 3 weeks ahead of schedule. Although I could see it moving higher in the coming weeks (perhaps to the 188-190 level), taking partial or full profits here seems appropriate. After glancing at the last few times when Apple made a new all time high, it seems to either rocket higher, or have a significant correction.
I look forward to updating my blog with weekly charts this weekend! Thanks for reading, and have a great weekend.