c.b. worth - "money in motion"

7/28/2019 C.B. Worth - "Money in Motion"

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Oppenheimer Asset Management Inc. 200 Park Avenue New York, NY 10166 Tel: 800-221-5588 Fax: 212-667-4959

“MONEY IN MOTION” TECHNICAL ANALYSIS & RESEARCH A division of Oppenheimer Asset Management Inc.

Carter Braxton Worth

Chief Market Technician

(212) 667-4324

[email protected]

June 24, 2013

C.B. Worth – “Money In Motion”

We have no new thoughts.

Sell.

The charts on the pages that follow speak for themselves.

Of course, we believe the charts have been speaking for themselves for quite some time—as all will know.Our position is clear.

At some point there is no point … in saying anything more.

To that end, last week, we wrote nothing.Literally.

There was no "Mon ey in Motion" (first time in years).

Today's piece, again by saying nothing, speaks for itself, speaks for its author.



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Lumber

Brent Crude Oil

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Trade well,

-Carter

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Appendix: The "duel" between AAPL and the SPX.

As stated in the January 28th edition of "Money in Mot ion" when this trade was first recommended:

"Money in Motion" , January 28, 2013 "At this point, with AAPL having almost closed its January 25 th 2012 gap of exactly a year ago,we think risk/reward is favorable on an outright basis AND relative to equities in general, which,as measured by the S&P 500, are quite extended day-to-day (the entire thrust of today's piece).

As to a price objective for AAPL, we would play for a move back to $525+/- or some 20% higher from Friday's close. And if one is thinking the SPX is going to appreciate 20% from here in thecoming 6-9 months… we would recommend seeking immediate medical attention."

At the time AAPL was trading at $439.88 and the S&P 500 stood at 1502.96. And since the time of the trade… AAPL and the SPX have traded places a few times (as seen in the comparative chart below).

Right out of the gate, AAPL took the lead and was 900 basis points ahead of the market in the second week of February when the stock surged to $485. By March 1st, AAPL had given back all of its lead—and then some—with the SPX some 600 bp ahead of AAPL. As of last week's close, AAPL is $413.50 (-6.0%) and the SPX is1592.43 (+6.0%). It remains our view that AAPL is the better bet of the two. To that end, we will feature this"AAPL / SPX" update each Monday until there is a "winner" (read: when one instrument has outpaced theother by 2,000 basis points (20%) as measured from the start point of Friday, February 25th (closing prices).Stay tuned.

Source: Oppenheimer Asset Mgmt and Thomson Reuters

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Important Disclosure Footnotes for Companies Mentioned in this Report that Are Covered by

Oppenheimer & Co. Inc:

Stock Prices as of June 24, 2013

Apple Inc. (AAPL - NASDAQ, $413.50, OUTPERFORM)

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c.b. worth - "money in motion"

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