Archive for January, 2013

Apple’s Woes Continue — Finding Support at $505?

Apple, the market’s favorite stock for years, cannot catch a break recently. It’s underperformed the Nasdaq-100 and Google over the past 90 days:


The stock price briefly broke above the 20-day moving average, but couldn’t make it all the way past the 50-day:


Apple’s chart still looks terrible, but there’s a good chance they’re consolidating between $505-$510, which is a natural psychological level. US stocks probably face a volatile earnings season. If Apple holds at $505 through a volatile period, we might have a tradable bottom at that $505-$510 support level.

Categories: Market Commentary