|[4:00 PM] Mac Observer Adds More Shares of AAPL To Stock Watch Virtual Portfolio.
by Wes George
The Stock Watch Virtual Portfolio took advantage of the recent weakness in Apple's stock today to buy another 50 shares of AAPL at $94 to add to the 150 shares we already own at an average cost of $124.33. The new shares will lower our average cost to $116.75.
As we noted in the Apple Stock Watch report on May 8th, "AAPL's chart is uncomfortably close to confirming a technical chartist formation called a head and shoulders top which indicates that institutions are distributing their AAPL shares. If AAPL breaks through support at $109 the stock, in the absence of some good news, is likely to trend back into the double digits to build a base in the mid $90s."
Technical analysis merely indicates short-term trends and probabilities, it says nothing about the long term prospects of investing in Apple.
Note that the Stock Watch Virtual Portfolio is just that--virtual. The portfolio is The Mac Observer's experiment in building a collection of high tech aggressive growth stocks. However, we aren't playing with real money and our decision to buy or sell a stock should be in no way construed as a recommendation for you to do the same with real money.
Check out the current Portfolio holdings.
Mac Observer Stock Watch Virtual Portfolio