“‘You could hide out in Apple as this kind of melts down around because it is fairly stable and mature,’ Sanchez told CNBC’s Trading Nation on Thursday,” Keris Lahiff. “No Dow Jones industrial average component has been spared February losses, but Apple is in the middle of the pack in its declines this month. One-third of the Dow has seen double-digit losses in February, while the index has dropped 9 percent. Meanwhile, Apple, with a month-to-date loss of 7.5 percent, is the ninth best-performing stock in the index.”
“According to one widely followed technician, Apple’s resilient price action could be a sign of strength to come,” Lahiff reports. “‘You haven’t got any sort of technical breakdown happening on the charts,’ said Craig Johnson, senior technical strategist at Piper Jaffray, on Trading Nation. ‘All you’ve done is pullback to a longer-term uptrend support line.'”
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MacDailyNews Take: Safe haven.
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