Verified Investing on $AAPL (Nov 3, 2026)
AAPL fell after good earnings as money rotated from its anti-AI trade back to AI; memory costs eat profits and limit outperformance. The speaker would stay back near 325, sees it as not on sale, and would go long only near 300, the ascending channel's low end, though he does not expect a drop that far.
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We had Apple Palunteer earnings yesterday after the bell, but let's go first check on the S&P futures this morning.
It was more so Apple, and I'm going to tell you why. So, Apple reported good numbers, but the stock fell. Apple has been the anti- AI trade. It has gone higher, made new all-time highs while the AI trade has crumbled.
In other words, money was coming out of the AI trades and going into Apple. With Apple falling today after earnings, money is rotating back, at least at the start of the day today, back towards the AI trade.
Apple is down on earnings. Apple actually had very very good earnings. They beat on revenue. They beat on guidance or on on earnings and did all right on guidance, but the key was this stock had traded up tremendously going up over the last couple months.
Again, the anti- AI trade as I said and so the stock was going up. These earnings again were good. They were very good, but they did highlight memory costs as eating into profits and as a major kind of reason they're not even outperforming more.
Now on a technical analysis basis here we see Apple trading around 325 in the pre-market. First of all we look at the bigger picture here and the bigger picture of Apple is a beautiful ascending parallel channel.
Every time we hit the high end it gets rejected. Every time we hit the low end you get a big bounce. So we've been in this uptrend. So, what this tells me is that as a swing trader, I need to stay back on Apple even if I think it's on sale here, which I really don't think at this point, but to look for the low end of the parallel channel.
The low end of the parallel channels around the 300 even number. Should we come into that, that would be where I would consider playing it as a swing trade long. But aside from that, on this drop today, if I was going to day trade it, honestly, I'd probably wait for the 300 as well.
I don't expect it to drop that much. That would be a massive drop on a $5 trillion kind of stable company like Apple. But again, that over the next few trading days, that 300 level is going to be my zone of potential trading opportunities.
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