The blogger who called Apple's bottomJuly 8, 2011: 7:06 AM ET
On June 17, he told readers to buy AAPL at $320. The stock took off two days later.
We gave Andy Zaky, an independent analyst with a enviable track record, a hard time a few weeks ago.
He had just published a report on his Bullish Cross blog (reposted on Seeking Alpha) advising investors to buy Apple (AAPL) at $320. Although his three previous Apple buy signals had proved prescient, we took some pleasure in noting that the market didn't seem to care.
Apple shares fell $4.90 (1.5%) that Friday and another $9.76 (3.1%) in early trading Monday. (See Bullish Cross issues a rare 'buy' on Apple.)
We should have had more faith. As it happens, Apple hit bottom with that 3.1% drop Monday morning, the day after Zaky told readers to buy. After touching $310.50 in intraday trading -- a seven-month low -- it has been on a tear.
Apple closed Thursday at $357.20, up $37.20 (11.6%) from Zaky's $320 in less than three weeks.
Zaky recently gave Bullish Cross a makeover and put it behind a $49.99 per month pay wall. His Apple report, published two days later, was a pretty good start. "I think the evidence is getting more compelling that we've bottomed," he wrote in his June 21 market commentary, "[and] that we're going to see a major rally in July."