The 'slightest disappointment' could spark tech stocks — including Apple — to tumble, investor Paul Meeks warns (via TradingNation and StephLandsman)
Technology investor Paul Meeks is putting the brakes on his bullish forecast."My issue is not fundamentals," he said Monday on CNBC's "has surged more than 30% since the December low. On Monday, it hit a fresh intraday all-time high of 8,176.08.
"If we have any whiff of even a slight disappointment, ... some of these stocks could tumble," said Meeks. And, it's not just broad tech that's vulnerable to a deep pullback, according to Meeks. He warns that the semiconductor rally faces trouble, too, because there's"We could have a resumption of ordering from those customers, and a nice rebound in the sales from these semi companies late in 2019. So far, no good," he said. "Right now, I'm on the fence as to if it's actually going to happen.
"Apple is substantially overvalued at this level," said Meeks. "I don't think that Apple's services business is all that great shakes.". It has soared almost 40% since the December sell-off, closing Monday near $205. "I'm actually more inclined not to eliminate the position, but to start to trim it back," Meeks said. "It would have to drop back to $150 [or] $160 for me to get interested in buying it again."
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