August 12, 2020 | For Switzerland, Owning Apple Shares Beats Churning Out Rolexes

I’d raised a yellow flag here yesterday, but bulls lurched back into gear so powerfully on Wednesday that virtually all rally targets currently outstanding seem likely to be achieved. AAPL, the leader of the pack, had begun to look a little tired, but in retrospect this was just a pose to lull bears into stepping up their bets earlier in the week. Their lapse in judgment came home to roost when AAPL opened on a gap higher and never looked back. The stock was up more than $15 at one point, finishing the day with a 3.5% gain that outpaced AMZN, CMG, GOOG and some other lunatic-sector stalwarts that performed impressively as well. Now, if AAPL can close for two consecutive days above 457, the stock would become an odds-on bet to hit 491.  The Swiss central bank, as mentioned here earlier, is a big investor in the stock. Perhaps the burghers are starting to wonder whether it’s worth it for the Swiss to get their hands dirty manufacturing Rolexes and chocolate?

Rick Ackerman August 12th, 2020

Posted In: Rick's Picks

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