This morning, the worlds leading technology stock Apple Inc (NASDAQ:AAPL) is trading lower by $12.70 to $391.61 a share. This stock has been a markets leader for years now. The stock just made a new all time high on September 20, 2011 at $422.86 a share. APPL stock is the largest component of the PowererShares QQQ Trust (NASDAQ:QQQ) or better known as the NASDAQ 100. APPL stock accounts for roughly 15.0 percent of the QQQ stock index. Traders can watch for intra-day support on APPL stock around the $391.50, and $388.00 levels.
APPL stock is still trading above the daily chart 20, 50, and 200 moving averages. This tells us that the stock is still in an uptrend and in a strong technical position on the charts. Should the stock break and close below the daily chart 50 moving average that would put the stock in a vulnerable position on the charts. Therefore, the decline this morning can simply be viewed as a pullback or profit taking until the stock breaks further. In any case, it is worth noting that APPL stock is declining on a day when the stock market is trading higher. This tells us that the stock is starting to lose relative strength in the near term. This is not a bullish sign for the leading tech stock in the world.
Nicholas Santiago
InTheMoneyStocks.com
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InTheMoneyStocks.com is a research and consulting company focused on guiding investors, swing traders and day traders to financial success. Their Chief Market Strategists analyze the markets while making calls on everything from stocks to commodities and currencies. Their goal is to not only guide their subscribers but also teach them their proprietary methods leading them to become investing and trading masters.
Nicholas Santiago
