$AAPL 20-day rate-of-change now over 34%
Since '00, only times this high were Jan '01, May '03, Nov. '04, and April '09.
Three were coming off major bottoms, only Nov. '04 was while at a high. Pretty remarkable. pic.twitter.com/RiNfAsUAOv
— Jonathan Krinsky,CMT (@jkrinskypga) August 21, 2020
Today’s Chart of the Day was shared on Twitter by Jonathan Krinsky of Baycrest Partners (@jkrinskypga). The chart shows Apple Inc. ($AAPL) over the past 20-years. Apple has been on an incredible run lately. Just yesterday it became the first company to cross $2 trillion in market cap, and today the stock soared another 5%. Jonathan points out that the 20-day rate of change is now over 34% – the fifth-largest 20-day gain for the stock in the past two decades. The stock is currently trading just under $500, which represents the 261.8% Fibonacci extension of the Feb-March decline. Keep in mind, the stock will undergo a 4-for-1 split at the end of this month. Will momentum bring further gains for the largest company in the world, or is this a logical place for a pause/correction?