NEW YORK (TheStreet) -- Among the mojo stocks on which I focus, the leadership has shifted back to Apple (AAPL), after billionaire Carl Icahn recently disclosed a $1.5 billion stake in the company. It appears that Icahn wants Apple to borrow cash to accelerate a share repurchase program. The stock popped above its 200-day simple moving average at $470.44 on Tuesday and then tested $504.25 on Wednesday vs. my annual risky level at $510.64.
Back on September 21, last year, we learned that Apple trees do not grow to the sky following an all-time high at $705.07. This year, Apple shares continued to slide all the way to below $400 in April and again in June.
Back on March 14, I wrote, Apple Wins the Search for Value, with the stock trading at $428.35. The stock had a buy rating, according to ValuEngine, and was 23.9% undervalued. The weekly chart profile was extremely oversold. This defines a value stock, by my methodology.
At the time of this writing, Apple had tested and held my annual pivot at $421.05, with a semiannual risky level at $470.21 and my annual risky level at $510.64.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV