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.

 

GR080518-AAPL

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