Does Apple Vision Pro Mark The Top In
Tech bubble 2.0?
In case you missed it yesterday:
Apple just unveiled its first new product in 10 years yahoo.com
Wall Street did not seem too impressed by yesterday's Apple presentation. In fact the entire market rolled over on it's unveiling, in what can only be described as an obvious, "sell the news" event. I'm only left asking myself if this was a sell the good news, or sell the bad news moment?
This product makes the entire tech rally look like the build up, to the big let down.
I’m sorry, but Mac Pro is $6999 so this things is going to cost around $5999
— Kostya Konovalov (@aaple_lab) June 5, 2023
Of course nobody in the investment community will go on any of the networks and point out the obvious fact that Investors have piled all their eggs into one basket (AI), based on a product that doesn't even have a consumer base.
Apple Vision Pro marks the peak in tech bubble 2.0. It's a ridiculously overpriced gadget nobody needs.#Nasdaq #technology #Stocks
— Veteran Market Timer (@3Xtraders) June 6, 2023
As far as I'm concerned the tech companies, and their financial backers are completely out of touch with reality, just as they were in 1999. In fact they're even more out of touch as they continue to promote a (woke) political agenda, rather than any sort of real innovation.
I don't own an Apple product, and don't own the stock.
— Veteran Market Timer (@3Xtraders) June 5, 2023
Newsflash: This isn't even new technology
They're pushing the same old technology, in order to try to trigger animal spirits.
To give you some idea of what I think of this technology:
I have a VR headset - that I received as a FREE gift years ago - sitting on a shelf somewhere, and my thought at the time was, "well that was good for about 30 seconds of fun, but I have no use for it".
Not only has Apple priced this toy beyond the reach of most consumers, but they failed to sell it.
Seems to me it could have a niche market in the gaming, an adult entertainment market, but who is going to want to wear this junk on their face for any length of time?
Perhaps I'm out of touch, but nowadays I find it difficult to justify the cost of upgrading to a new phone, or justifying the cost of upgrading my computer hardware; let alone $6000 for the latest tech gadget!
The Charts
Tech Bubble 2.0 has been going strong now, for the past 20 years
$DJUSTC (Dow Tech) -
Tech Bubble 2.0 remains intact, but for how long?
Predicting the top on a bubble is a fool's errand, but I do know how to draw a bullish parallel channel.
When the bubble pops you'll see the charts begin to break, and the trend reverse, and then all this talk about bull market, or bear market percentages will be meaningless.
Shorter term I suppose the market makers will continue to pile into tech, for the remainder of 2023, because it's become painfully obvious over the past several months that they are finding it hard to justify investing in anything else.
$KLX (Technology) Goes parabolic in May, on a break out of the continuation pattern I blogged just before the breakout. Trades in a, "Bullish Parallel Channel".
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Adding this ridiculously bullish looking tech chart to the public charts area
Add to that the bullish channel on the $NYSE I moved to the public charts area last week.
Will these bullish looking charts break just as the recent bullish trend in gold did? Time will tell.
As far as the $SPX is concerned, watch for a little suckers rally this morning.
$SPX futures to snap back to the 4300 level. Wheat futures up 3%.
— Veteran Market Timer (@3Xtraders) June 6, 2023
Europe weak. #Crypto crashing. pic.twitter.com/1dYPVfsB4S
Take Care, AA
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