Oh, sure, it’s kind of a bummer to see the entirety of the post-Moody’s collapse totally reverse within the first trading hour of the day. As a leader in the world of financial charting, I get to name new patterns, and I shall dub this one the Kimberly Guilfoyle Reversal.
I’ll tell you a secret though: 20 out of my 21 short positions are STILL down, so Kimberly hasn’t beaten me yet! Indeed, there’s an important new gap in one of my shorts, AAPL, so I’ve tightened up my stop there (as I have on most of my positions).
Looking at Apple long-term, my view is that it’s insanely overvalued with a P/E of about 34. This is pretty much a ZERO growth company whose value is largely based on the fact it has become a safe haven for cash, much like Treasury Bonds decades ago.
And, hey, I’m an Apple guy, so it’s not like I have an axe to grind. That company was my first job! Plus, I got my first kiss from my future wife based on a ruse that I needed to use her the Epson printer on her Apple II for an article I was writing, so the memories are awfully good.
