And it doesn't have to be.
The fourth quarter of 2018 now seems like a lifetime ago. Markets were crashing and there was no liquidity to be seen.
A few months later, the S&P 500 is within spitting distance of all time highs, and a new group of companies have taken the lead on pushing the market higher.
Meanwhile, AAPL is still down about 20% from its highs.
The end of 2018 was ugly for the stock. EVERYONE bailed.
It's not a market leader anymore... it can always re-emerge, but right now it's a good bet to start anticipating a new range developing in the stock.
This isn't some kind of perma-bearish "the stock is doomed" call.
This is based off of how I've seen AAPL trade over the past decade.
It will have moments of brilliance, take a big hit, then settle into a range for a while.
Since the stock's parabolic peak in 2012, there have been two separate MULTI-YEAR trading ranges.
It's not unreasonable to expect that here as well. The stock nearly got cut in half, odds are it's going to start going sideways for a while.
I like playing reversion here.
Iron condors or double calendars for market neutral trades, and selling vertical spreads when it starts to run hot in either direction.