Apple stock has had a sluggish 2021, but is closing in on a buy point. Meanwhile, Apple(AAPL) iPhone chipmakers Qorvo (QRVO), Skyworks Solutions (SWKS) and Broadcom (AVGO) are nearing breakouts as well. SWKS stock and especially QRVO stock surged up the right side of bases Tuesday, helped by analyst price target hikes. They were Tuesday’s two best S&P 500 performers. – Investors Business Daily
Summary
Apple Daily Marketsmith Chart
Berkshire Hathaway investment managers Todd Combs and Ted Weschler, have been adding positions in the technology sector. Apple(AAPL) is the largest position held in Buffett’s portfolio of stocks, valued at $108.4 billion in March and $121.3 billion in June’s report. This represents a gain of 11.9%.
Technically speaking, Apple broke a short-term downtrend. RS is rising and price action is trending above all bullish moving averages. Click to enlarge chart.
Top Buffett Stocks By Weight
Here are the top 10 Warren Buffett stocks by number of shares, as of March 31:
- Bank of America (BAC), 1.01 billion
- Apple (AAPL), 887.1 million
- Coca-Cola (KO), 400 million
- Kraft Heinz (KHC), 325.6 million
- Verizon (VZ), 158.8 million
- American Express (AXP), 151.6 million
- U.S. Bancorp (USB), 129.7 million
- Bank of New York Mellon (BK), 72.4 million
- General Motors (GM), 67 million
- Kroger (KR), 51.1 million
Apple Stock Is No. 1 By Value
The Oracle of Omaha is a major institutional owner of Apple stock, with its strong earnings, sales and superior management.
Berkshire Hathaway kept its huge position in the iPhone maker after making cuts last year. It also left a smaller stake in Amazon.com (AMZN) unchanged.
The 60 minute chart is bullish. Click to enlarge.
Apple was worth $108.36 billion at the end of March Q1 report.
Apple stock makes up 40% of Berkshire’s total equity portfolio, up from 6% at the end of 2016.
The weekly chart is poised just below a major resistance pivot. Given the current surge, we’re looking to test those highs in the coming weeks.
Click to enlarge the weekly chart.
“Futures are trading near 4280 (+/-), flat to the close but off of 4270 lows. As anticipated there is little change in levels overnight with resistance at the 4300 Call Wall, and support at 4275. We again forecast a tight trading range at 72bps/31pts. No strike seems poised to overtake 4300 as the Call Wall which suggests a lack of volume at strikes overhead. 4270 is the gamma flip point.”
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Happy Trading,
Vinny
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Disclosure: As an #ibdpartner, that means my use of investors business daily suite of services is complimentary. I also receive compensation from the company for my technical analysis services.