Apple Stock Bottoms Here: DeMark
Online Producer
After turning bearish on Apple shares on Sept. 21, Market Studies founder and CEO Tom DeMark said on Tuesday that the bottom was in.
The convergence of powerful indicators make a strong case for Apple to pop very soon.
"This looks like a very strong rally of at least 22 percent," he said on "Fast Money."
"We wouldn't be surprised tomorrow to see Apple gap up above $494, $495 despite trading lower in the aftermarket today, and it will just move forward from there and be strong for the next couple of weeks and reach $600."
DeMark likened it to his call of a Dec. 4 low in the Shanghai index, after which he turned positive as the rebound began.
"If the market were in decline further from here, we could see another $100, but we don't see that happening," he said. "The bottom is in today or tomorrow."
Trader disclosure: On Jan. 15, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long CSCO; Tim Seymour is long SBUX; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is short SPY; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Keith McCullough is long AAPL; Keith McCullough is long GDX; Keith McCullough is long GLD; Keith McCullough is long TLT;
For Stuart Jeffrey
I, Stuart Jeffrey, hereby certify (1) that the views expressed in this Research report accurately reflect my personal views about any or all of the subject securities or issuers referred to in this Research report, (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this Research report and (3) no part of my compensation is tied to any specific investment banking transactions performed by Nomura Securities International, Inc., Nomura International plc or any other Nomura Group company.
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