Apple Inc. (NASDAQ:AAPL) opened today at $494.64 up $8.72 from yesterday’s close of $485.92. After hours trading spiked as high as $491.20 yesterday evening (from what I saw) on news from Market Studies, Tom DeMark.
DeMark stated on CNBC that AAPL has reached a bottom and “the market is exhausted”. He expects AAPL to continue north from here with a target price around $600.00. Apparently the trading world was listening because we currently stand +3.26% with a high of $504.43 today in the AM.
Thomas DeMark is the CEO of Market Studies, LLC and creator of DeMark Indicators. DeMark has been an advisor to some of the largest most successful hedge funds, mutual funds and investment groups. His resume includes clients such as George Soros, Goldman Sachs, IBM, Steinhardt Partners, Paul Tudor Jones and many more.
DeMark refers to himself as a ‘Market Timer’ and not a ‘Technician’. From what we have seen so far today it appears that the trading world has respect for his ‘Market Timing’ with heavy AAPL buying.
Will this trend continue up to Apple’s Jan 23rd earnings? Will we see the $600.00 AAPL share price that DeMarK seems so confident we will reach, time will tell.
Disclosure: AAPL Share Holder