C.B. Worth - "Money in Motion"
C.B. Worth - "Money in Motion"
C.B. Worth - "Money in Motion"
Of course, we believe the charts have been speaking for themselves for quite some timeas all will know. Our position is clear. At some point there is no point in saying anything more. To that end, last week, we wrote nothing. Literally. There was no "Money in Motion" (first time in years). Today's piece, again by saying nothing, speaks for itself, speaks for its author.
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Appendix: The "duel" between AAPL and the SPX. As stated in the January 28th edition of "Money in Motion" when this trade was first recommended: "Money in Motion", January 28, 2013 "At this point, with AAPL having almost closed its January 25th 2012 gap of exactly a year ago, we think risk/reward is favorable on an outright basis AND relative to equities in general, which, as measured by the S&P 500, are quite extended day-to-day (the entire thrust of today's piece). As to a price objective for AAPL, we would play for a move back to $525+/- or some 20% higher from Friday's close. And if one is thinking the SPX is going to appreciate 20% from here in the coming 6-9 months we would recommend seeking immediate medical attention." At the time AAPL was trading at $439.88 and the S&P 500 stood at 1502.96. And since the time of the trade AAPL and the SPX have traded places a few times (as seen in the comparative chart below). Right out of the gate, AAPL took the lead and was 900 basis points ahead of the market in the second week of February when the stock surged to $485. By March 1st, AAPL had given back all of its leadand then some with the SPX some 600 bp ahead of AAPL. As of last week's close, AAPL is $413.50 (-6.0%) and the SPX is 1592.43 (+6.0%). It remains our view that AAPL is the better bet of the two. To that end, we will feature this "AAPL / SPX" update each Monday until there is a "winner" (read: when one instrument has outpaced the other by 2,000 basis points (20%) as measured from the start point of Friday, February 25th (closing prices). Stay tuned.
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Important Disclosure Footnotes for Companies Mentioned in this Report that Are Covered by Oppenheimer & Co. Inc:
Stock Prices as of June 24, 2013
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