Apple is likely bottoming

Apple announced its earnings yesterday, which was very disappointing. Its stock immediately dropped in after-hour trading. I thought it would be a bloodshed day for Apple today. Yes, it was, but just a few hours. See below the price movement for Apple today. It indeed declined below $600 as I hoped and at one moment plummeted over $15 to $590. I hope you have got the chance to get in. However, amazingly Apple managed to climb back all the way and closed only a few dollars below the yesterday's price. I must say I was very impressed by Apple's performance and I think Apple is likely near its bottom, if not yet at the bottom. Why? It is a Wall Street famous saying that when a stock acts well during a terrible time (e.g. poor earnings or bad news), the stock has usually bottomed. In other words, those who want to sell the stock have already all sold the stock and the only people left are those who want to buy. This will of course push the stock upward. Apple today's price action seems to demonstrate that. I and no one know if this is the exact bottom for Apple. Only the time can tell. But I'm starting to pick up a few shares of Apple now.