BAC, AAPL
Bank of America (BAC:NYSE) Buffet buys and lends confidence to the name, but BAC CEO Moynihan loses credibility at the same time. How weird is this ? Fast Money’s Cortes and Najarian were not very bullish for the short term, so the early AM move might signal nothing more than a short covering pop. Just remember, even though Buffet hit home runs with Goldman Sachs (GS:NYSE) and General Electric (GE:NYSE) during the Lehman Crisis, the Oracle of Omaha still receives better terms on his purchases than the Average Joe does. So take this booster shot with lightly if you have a short term perspective. Also watch for an upcoming piece from PSE on BAC Warrants.
Apple Computer (AAPL:NYSE) The Steve Jobs news has essentially been baked into the cake for some time. Weak hands seemed to be the cause of the $357.00 print earlier on Thursday, and shares of AAPL have consequently rebounded. In other words, this move somewhat was expected and bottom fishers stepped in and were rewarded handsomely. On a technical basis, the weekly chart shows that AAPL has tremendous support in the low $350′s range. Remember that even though skeptics will say AAPL is done, they still have $76 billion in cash reserves and products that stores can’t keep on the shelves.
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