We ask once again, “Will Apple Win the Pennant.” Note the stock’s bullish pennant formation and that it has been holding and now clear of its 50-day moving average. Lots of bullish chatter today from Julian Robertson saying the valuation is ridiculously cheap and the stock would by 3-4x higher if this were the 1980′s. Morgan Stanley was also out today noting the company will likely return some of its $76 billion cash to shareholders.
Furthermore, the company is close to a new product release in the iPhone5. It’s now or never for the stock to break to new highs. Apple could provide the leadership for the U.S. market or move higher on its own. The risk is that the macro swans spoil the pennant race. Place your bets, you know which side of the ship we’re on.
(click here if chart is not observable)
Read more posts on Global Macro Monitor »
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.