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Apple This Week: All About The Election

It has been an outstanding week for Apple, and shares are an inch away from climbing out of correction territory. Here is what drove bullishness this week.

What a week it has been for Apple!

Shares skyrocketed from less than $110, levels not seen in a month, to nearly $119. In this first week of November alone, Apple was able to erase all the losses incurred since mid-October, and is now an inch away from exiting correction territory – i.e. 10% off all-time highs.

The rest of the market followed Apple closely. The S&P 500 gained 7.2% for the week, not quite Apple’s 9.2% climb. However, the correlation between the two was very tight. The FAAMG ex-Apple group of Facebook, Amazon, Alphabet and Microsoft moved even higher, by 9.9%.

The graph below illustrates this week’s price action.

Bear drivers

There were virtually no bearish developments this past week to cause Apple stock to suffer much, if at all. While Apple was down minimally on Monday and Friday, shares were up sharply between Tuesday and Thursday.

To be fair, Apple lost a legal battle against VirnetX that will cost it $500 million. Also, supply constraints suggest that the holiday season will not be an easy one for tech device sales. But none of these factors were enough to rock Apple’s stock price.

Bull drivers

The week was dominated by the US Presidential election. I would dare to say that no other development impacted Apple’s share price movements significantly this week.

I wrote about the drivers behind post-election day bullishness a couple of days ago. Here is how I would summarize it:

Below is a chart that compares the performance of Apple stock against the S&P 500 and the industry. Apple’s dashboard starts to look a bit better in the shorter term, while long-term performance remains quite impressive. Shares now trade above the 50-day moving average once again.

Explore more data and graphs

The data used in this report was provided by Stock Rover. I have been impressed with the breadth and depth of information on markets, stocks and ETFs that this platform provides. Stock Rover also helps to set up detailed filters, track custom portfolios and measure their performance relative to a number of benchmarks.

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(Disclaimers: the author may be long one or more stocks mentioned in this report. Also, the article may contain affiliate links. These partnerships do not influence editorial content. Thanks for supporting The Apple Maven)