Apple Stock Is a Better Sell Than Buy Right Now

Apple  (AAPL) – Get Report shares finished last week on a powerful note and began this week on one too.

Shares gapped higher and rallied about 3.5% in early Monday trading. However, the stock hit its current all-time high of $515.14 in the opening minute of trading on Monday and has faded lower since.

Keep in mind, Apple has been no slug when it comes to stock market gains. The stock is working on its fifth straight daily and weekly gain.

At Monday’s high, shares were up more than 11.25% over the last three trading sessions and were up more than 44% from last month’s low on July 24th. For a stock with a $2.1 trillion market cap, the move has been truly stunning.

With that being said, there has been and very likely will be better times to buy Apple stock than right now.

Apple is a holding in Jim Cramer’s Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AAPL? Learn more now.

Trading Apple Stock

Daily chart of Apple stock.

Daily chart of Apple stock.

I wasn’t bearish on Apple in mid-July, but the stock was showing signs of waning momentum after a powerful run. When shares dipped to $355, it was close enough to our $350 price target to satisfy the correction outlook.

When the stock burst to new highs later that month on better-than-expected earnings results, our sights turned to the upside. Specifically, I was looking for a test of the two-times range extension up near $440.

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