Apple at 52-week high, Funds flowing into Tech-Stocks?

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Sep 26 2007
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Whoa! Did you see how Apple Inc.’s (Nasdaq: AAPL, stock) breached the strong resistance of $150.00 per share on Tuesday’s trading? I was about to lock-in the profit when I saw how it tried for more than 3 hours alone trying to push pass that level. Honestly I rarely saw such a stubborn stock constipating for 3 hours just to get out of that thin line. But the stubborn me decided to stay on and watch and by the lunch hour, I knew I was in luck again and will make the killing this time.

Really, there’s no news on Apple that would see the bull charged against the $150 level. The only news and justification from investors is that since the housing crisis (home posted steepest drop in 16 years for God sake) basically affecting other sector such as financial or banking and oil prices are still in the threatening level, most funds are trying out the less risky technology stocks.
Apple Inc Stock Closing PriceHence the investors pumped in to send Apple Inc. to another record of $153.18 after the closing bell, up $4.90 or 3.3 percent. The feeling of seeing the stock you invested hitting the 52-week high is simply thrilling, don’t you think so? During the after-trading hours Apple Inc. goes up another $0.42 to $153.60, so hopefully my profit will be higher after the opening bells on Wednesday.

Besides Apple Inc. it was reported that Research in Motion Ltd. also hit a 52-week high – rose to $96.82 after the closing bell. Nevertheless oil-related stocks took a plunge after NYMEX crude oil was traded below $80, losing $1.42 a barrel to $79.53 a barrel. Oh well, maybe it’s just the correction after the recent bull. But the fact that the oil prices didn’t react to the opposition group in Nigeria that announced it will resume attacks on oil installations does not spell good for investors who long on oil stocks. Anyways, let’s wait for Wednesday’s oil inventories report.

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