As of this posting, Apple seems to have found some footing and is trading back up through the $500 level which is obviously a psychological area of concern for the bulls.
Last night Tom Demark, a noted market-timer with a robust process that enables him to spot overbought and oversold conditions, planted his flag in the sand on CNBC’s Fast Money and said the stock was finished going down.
My friend Brian Shannon of Alpha Trends thinks its more natural support may be in the $460 range.
Technicals are really all you have until the company reports earnings in a few days. This quarter’s numbers, forward guidance and the tone of the call will be critical from then on.
I have no special insight here, I like the stock and we have some clients who own some, but we’ve opted to buy Qualcomm (QCOM) for the last few months instead of Apple so as to avoid the controversy so to speak.