In last night’s commentary, we noted that it had appeared that Apple had found a bottom, and for today at least it did. The shares of Apple jumped higher on the day by roughly 2 percent and closed not far off its highs. The other FAANG’s and the Technology Select SPDR (XLK) didn’t fare quite as well but still managed to close the day mostly higher.

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APPLE Estimates Consensus Analyst

AAPL Price data by YCharts

Apple Could Rise To $160

It seems entirely possible that shares of Apple could rise to nearly $160 before running into trouble again for the time being.

AAPL by Scorpio244 on TradingView.com

Analyst Have Not Cut Estimates

It is also worth noting that analyst revenues estimates for this coming fiscal fourth quarter and the first quarter have yet to be taken materially lower with all of the iPhones “concerns” regarding demand. One would certainly think these numbers should have started coming down substantially if it were the case.

AAPL Revenue Estimates for Current Quarter, 90 Day % Change Chart

AAPL Revenue Estimates for Current Quarter, 90 Day % Change data by YCharts

Interestingly, analysts have raised revenue estimates for the Apple’s fiscal second quarter rather materially over the past 3 months.

AAPL Revenue Estimates for 2 Quarters Ahead, 90 Day % Change Chart

AAPL Revenue Estimates for 2 Quarters Ahead, 90 Day % Change data by YCharts

Continue to watch Apple and how it trades over the coming days, it is, for now, the market proxy, and as Apple goes so too will the market.

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Michael Kramer and the clients of Mott Capital own shares of NFLX and GOOGL

Disclaimer: Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.