Warren Buffett's Berkshire Hathaway lost more than $3.5 billion on Friday as Apple's stock headed for its worst day on Wall Street in more than four years.
Well, this is a rather delicious conundrum: will there there soon be a TRADE DEAL with China that can help APPLE and, by extension, all owners of APPLE shares, including Buffet?
Anyway, let's get down to the really important issue: was that failed bear drop on Friday the end of this creeping Crash?
Yeah, it was a victory for the bulls because SPX bounced off the 2700 support and rocketed 23 points higher, almost 1 %.
Yeah, it was a creeping crash because ... check your major indices charts.
Yeah, after a spectacular 3-day rally, and on a Friday before a Tuesday election, if all the bears can muster is a paltry 15 point decline then that's it for them, for a whlie.
Of course, that's the bull case, but the bears will tell you there is more to come, bear market rallies are brutal, the 200ma still has to be taken out, and Tuesday's election will be a bull killer etc
The fact is there are many issues that must be resolved and will affect the market but my analysis is the markets have taken a lots of heavy hits and is still less than 10% down from record highs. Unless there are abnormal major geopolitical and domestic political issues the markets will rally. How high? Get past the SPX 200ma @ 2765, then 2835.....
Warren Buffett loses nearly $4 billion in single day on his Apple stake
- The Oracle of Omaha's company owned more than 250 million shares of Apple in June, as reported in Berkshire's latest holdings filing at the SEC.
- Buffett's losses are likely even more painful: he told CNBC at the end of August that he bought more Apple shares since the end of June.