BY ANDREW GIOVINAZZI
March 18, 2024
Yo Pit Crazies,
Jump on over to Weekly Profit Cycles as we set up another trade going into the FOMC meeting on Wednesday.
Apple Inc (Ticker: AAPL) announced that Alphabet Inc (Ticker: GOOGL) will provide AI smarts to AAPL products. I think Steve Jobs just rolled over in his grave. AAPL has massive reach with its phone platform. The stock as subsided somewhat but somehow it is rallying because they are outsourcing the latest tech crazy to GOOGL?
AAPL gave up the entire AI algo driven rally today.
AAPL 3 month chart
GOOGL 3 month chart
GOOGL did not do much better either but did finish with a good lift.
I think this is bad for both but really bad for AAPL.
AAPL gave up the iCar and now needs GOOGLs help with AI
Without the growth story AAPL is having issues in the AI world. The announcement today is a small pop in a downward spiral as AAPL multiples get back to a more normal trajectory. I like AAPL back to the lows of 2024.
To Your Trading Success,
-AG
Andrew Giovinazzi
30-Year Trading Pro
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