iPhone

Authored by Vitaliy Katenselson via RealInvestmentAdvice.com,

It is hard to find a bigger Apple stock cheerleader than me. I’ve been writing Apple stock love poems for years. For a long time, it was easy to love the shares because they were unloved by others and it was cheap.

Until recently, when Apple stock was still trading in the low $100s and at single-digit multiples, we were buying current product categories at a discount and were not paying for future product categories.

At today’s price that is not the case anymore.

For the first day in three S&P futures have pulled back modestly from record levels as some investors cautioned that gains had gone too far, too fast, European shares are mixed while Asian equities extended their longest rising streak in almost two months as continued gains in Japan and India offset the losses in Hong Kong. The dollar ended a two-day advance as TSY yields dropped in what has become a close correlation trade (see below) while oil and gold rose, perhaps in response to the ongoing plunge in bitcoin.

Just keep buying iPhones 'Murica...

Nasdaq underperformed intraday thanks to APPL's disappointing move, but ripped back into the close - S&P, Dow, and Nasdaq at record highs, (even with Dow hit by MCD and AAPL)

Update: This seemed to sum things up in Cupertino perfectly - Steve Wozniak is wandering around. He said he is excited to see the new iPhone features, especially the facial recognition. He likes the feature a lot on his Samsung phone.

1001ET BLACKBERRY ENTERPRISE UPDATED TO AAPL IOS 11 MOBILE OPER SYSTEM

The stock ran up excitedly into the event...

1007ET APPLE TURNS POSITIVE AS PRODUCT EVENT BEGINS

1019ET Apple Watch - *FOSSIL SHARES DIP AS APPLE CLAIMS TOP POSITION IN WATCHES

Apple Inc. had hoped that its iPhone eight might demolish the company’s sales records in China as the country’s burgeoning middle class embraced the phone, thanks in part to its name: Eight is considered a lucky number in Chinese culture, signifying wealth and fortune.

Unfortunately for the world’s most valuable company, this calculus isn’t playing out as well as its massive marketing operation had hoped for one simple reason: The price of the phone is simply too high for most members of the company's target demographic.