Apple of My Eye:
This name has been in the penalty box for some time, but it may have come out with some gusto Friday after a well-received earnings reaction Thursday after the CLOSE. We were cautious on the name with the clever title “Apple Crisp” in our 3/19 Technology Note. In that note, we discussed how it was being pushed back by its 21-day EMA, but the current daily chart below shows how it registered three strong moves in March and April, and looking back now that may have been institutions building a position with confidence that earnings would be unexpectedly pleasant. AAPL is now back to being the second-largest stock on the planet and now has its sights set on MSFT. If one was to take a look at the MONTHLY chart they would see this may have simply been a prudent pullback in a nice uptrend. Twice it was rejected at the very round 200 number in July and December 2023. A break above 200 in the coming months would carry a measured move to 276.