There are times when I look at the price and performance of a stock as compared to the performance of the underlying company and just scratch my head. That could be because momentum has pushed a price way too high, as happened a lot a couple of years ago with some of the so-called meme stocks, or it could be that a stubbornly low price seems to be completely detached from reality, as is the case right now with APA Corporation (APA). Figure 1: APA 1-Year 1-Day Chart One of the things I have learned over the last forty years of making a living from…
