Apple last week closed above its 50-day moving average for the first time in 113 trading days – its longest losing streak.
The company’s fall from grace prompted MarketWatch to cover Apple analyst Edward Zabitsky, who has been bearish since 2010. “An ‘I told you so’ moment for early Apple bear,” the headline read, as Zabitsky reiterated his long-term doubts on Apple.
Thing is, Zabitsky’s initial sell rating came when Apple was trading at $199.
The stock, however, went to $705. Today, at $450, Apple remains way above 2010 levels. In fact, even if it falls to $275 in the next few months, as Zabitsky predicts, it will be almost 40 per cent higher than early 2010 levels.
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Hardly a case of “I told you so”.
