“Last night on CNBC, widely-followed market timer Tom DeMark told hosts that the bottom was in for Apple stock, which has been subjected to a vicious selloff over the past several months.
DeMark uses a number of indicators for market timing, and he told CNBC they are all aligning strongly in Apple’s favor:
This is something akin to the low we had December 4 on the Shanghai Index, when we turned positive at the exact low.
This looks like a very strong rally of at least 22 percent. We wouldn’t be surprised tomorrow to see Apple gap up above $494 or $495, despite trading lower in the after-market today, and then just move forward right from there and be strong for the next couple of weeks and reach $600. We think the low is in…today or tomorrow.
DeMark told CNBC that his firm turned bearish on Apple right at the top, and the price action in the stock since then is more or less what they would have expected…”
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