That Changes Today...
Wall Street Braces
Readers may recall that almost a month ago we discussed (when AAPL was trading higher than it is now) that working off of that $152 pivot we would have a target price of $182. Readers will see that AAPL actually found support at our pivot in September and now has made significant technical progress.
On Monday, Wedbush "celebrity" analyst Dan Ives (who has an "outperform" rating on AAPL with a $220 target) made note of delivery times for iPhone 14 Pro models being pushed out into mid-October. Ives says, "So far demand and orders for iPhone 14 are tracking slightly ahead of iPhone 13 and are tracking ahead of our expectations out of the gate." Ives also stated that Apple's initial order for 90M iPhone 14's has held despite the weakening global economy and he sees Apple selling at least 220M iPhones in fiscal 2023.
I am reiterating my price target of $182 for AAPL. I remind readers that the $182 level is a pivot itself as this is also the early 2022 high. Should AAPL take that spot, then the path to Ives' $220 (I actually have $218) would be unlocked.
Economics (All Times Eastern)
06:00 - NFIB Small Biz Optimism Index (Aug): Expecting 91.1, Last 89.9.
08:30 - CPI (Aug): Expecting 8.1% y/y, Last 8.5% y/y.
08:30 - Core CPI (Aug): Expecting 6.1% y/y, Last 5.9% y/y.
08:55 - Redbook (Weekly): Last 10.9% y/y.
13:00 - Thirty Year Bond Auction: 18B.
14:00 - Federal Budget Statement (Aug): Last $-211B.
16:30 - API Oil Inventories (Weekly): Last +3.645M.
The Fed (All Times Eastern)
Fed Blackout Period.
Today's Earnings Highlights (Consensus EPS Expectations)
After the Close: (CNM) (0.49)