AAPL Has Stalled in a Dangerous Place

by Rick Ackerman

Although I’m confident today’s vicious selloff in bullion, the worst in more than seven years, will prove to be merely corrective, I’m not so sure about the selling that has hit the institutionally blessed ‘lunatic’ stocks, AAPL in particular. The iPhone seller recently achieved a valuation of nearly $2 trillion, putting it well above Aramco and every other company whose shares have been traded on an exchange. The bearish case is not based on valuations, however, but on the fact that the stock’s recent top occurred precisely at the ‘secondary Hidden Pivot’ of a major uptrend. This is shown in the chart as a stall at p2, the pink line.

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