The Gilmo Report

August 5, 2018

August 4, 2018

The market seemed to find more inspiration in Apple (AAPL) reaching the milestone $1 trillion market capitalization mark on Thursday than it did an allegedly “solid” 157,000 jobs increase reported by the Bureau of Labor Statistics on Friday morning.

I wrote on Wednesday that the buyable gap-up move that AAPL posted that day after earnings was in fact still buyable, both as a BGU and a base breakout. It struck me as somewhat obvious that the market would push the stock toward the magical $1 trillion market cap level simply out of a subconscious desire to see history in the making.

And so, history was made yesterday, and AAPL ended the day just above 207.04, the price level at which a $1 trillion market-cap would be in the books. While there were no “Apple $1 Trillion” hats to be found on the floor of the New York Stock Exchange (which for all practical purposes these days is a ghost town), the ebullience carried through into Friday as the stock marched just a little bit higher. It is now out of buying range.



The rest of this report is available for Gilmo Report Members only.
The full report will be available 45 days after it is posted. For immediate access: login or subscribe

Gil Morales & Company, LLC (“GMC”), 8033 Sunset Boulevard, Suite 830, Los Angeles, California, 90046. GMC is a Registered Investment Adviser. This information is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to GMC, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Gil Morales & Company, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2008-2018 Gil Morales & Company, LLC. All rights reserved.