Andy Zaky has called a bottom for the fifth time in a row
FORTUNE: Bullish Cross‘ Andy Zaky, never shy about tooting his own horn, has asked me to remind readers that on Thursday, with Apple AAPL trading just over $530, he announced that the share price was at or near a bottom and was about to bounce.
On Monday, as predicted, the stock rose $30.90 to close at $561.28. It was the second largest dollar gain in Apple’s history, according to AAPLInvestors.net.
(In percentage terms that was nowhere near the record 33.22% gain the stock registered on Aug. 6, 1996, when it rose $6.56 to close at $26.31. Those were the days.)
In a weekend update, Zaky wrote that the selling pressure that brought the stock down from its record intraday high of $644 on April 9 was unlikely to have dissipated completely.
“We will likely see a second and maybe even third leg down in this correction,” he wrote. “But between this first leg down and the next leg down, there will be a major rebound. A rebound that could take both Apple and the indices significantly higher.”
Zaky was particularly pleased to see the stock perform as predicted Monday because his buy recommendation post had been rejected last week by the editors at Seeking Alpha.
“That,” Zaky says, “is why financial editors shouldn’t try and edit for content.”