Morning Report Thursday 11 September 2014
Apple closes back over $US100 as the Australian market continues to evolve
Apple launched two new IPhones and a watch yesterday, helping the stock trade to a fresh all-time high over $US103, up almost 100% since April 2013. Apple has become a phenomenon where we see a company presentation dominating the news, an incredible achievement in itself. The financial size of Apple is also amazing:
Apple’s market capitalisation is ~60% greater than the “big 4” Australian banks combined.
The US indices remain clearly bullish, led by the NASDAQ; I am a keen buyer of the next decent retracement – over 3 years since a 10% pullback. When I look at the charts of the goliaths, Apple and Google (charts 1 & 2) they both look ready for a consolidation at least and I would be considering taking part profits at these levels.
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