“The PowerShares QQQ (QQQ) this afternoon again has dropped below its technically significant 200-day moving average trend line,” Murray Coleman reports for Barron’s. “Likewise, the ETF’s top name, Apple (AAPL), has followed suit.”
“‘The ETF actually touched on its 200-day moving average late yesterday. And Apple’s definitely moved below it today,’ said Jerry Slusiewicz, president of Pacific Financial in Laguna Hills, Calif.,” Coleman reports. “On May 6 of last year, Apple briefly fell below the important technical marker. That was during the ‘flash crash,’ however. It recovered to finish 22% above its 200-day moving average on that day.”
Coleman reports, “Excluding those few seconds, Apple hasn’t been below its 200-day moving average since early April 2009, says Slusiewicz. ‘It recovered quickly and by April 9 (of 2009), it moved above that level and never looked back — until today,’ he added.”
“Apple was most recently trading down 1.9%, or $6.25, at $320.29 a share. About half an hour ago, shares were down to $318.33 — that was the stock’s lowest level since mid-December,” Coleman reports. ‘We’ve got 50 minutes to go, but if we’re still looking at this sort of weakness and there’s no bailout in Greece by Monday, it could get very ugly,’ said Slusiewicz.”
Coleman reports, “However, if a financial package for the struggling country can be formulated in the next few days, he believes that a relief rally might be on the horizon.”
Read more in the full article here.
Oh no, Greece is failing, so sell Apple stock! WTF? That is the stupidest thing I’ve ever heard. Apple is a world wide company, selling at a fraction of what other companies are selling for, it has a gazillion dollars in cash, no debt, the most amazing sales of any company in the country and a new huge money maker coming in a month or two and people are selling because Greece has problems? Are people really that stupid?
Yes.
… AAPL shares are involved. Right now, AAPL is down almost a half a percent, and the rest of NASDAQ is down about a third of a percent. The other US averages may be up, but they are up less than a fifth of a percent.
We’re talking about an anomaly, here. And tiny fractions.
Rest assured… They are!
Yep, ridiculous. None of this has anything to do with the value of the company.
Greece’s economic collapse should have no bearing on AAPL stock prices, but alas, traders today are more emotional than ever and most do not have a broker to talk them out of doing foolish, knee-jerk things like selling their AAPL shares because they think many other countries on the edge will follow suit.
Then you have the massive profit taking going on right now after the last 12 month run.
I firmly believe Greece’s current situation is the USA’s future if Congress doesn’t get their heads out of their butts and create a solid bipartisan effort to lower the national debt and keep lowering it. Others I know and respect feel this same way, and that’s why AAPL shares are suffering today.
These are very tough times indeed where only a few are making money. More people are treading water financially today than in any other time in history… even more than the great depression considering more people are on the planet now.
No one who has ever watched Apple stock prices has felt that they move according to company value in the short-term. APPL always defies logic. On the other hand, over the long term performance usually meets with expectations.
Lesson: if you want in and believe in Apple’s future as a company, buy and hold. If you want to play APPL like a race horse, fuggedaboudit, ’cause you’ll get hurt more often than not.
F**king Greeks! Stop screwing with my AAPL stock valuation!
Does Apple even sell anything in Greece? Oh, what difference does it make? Whether it’s the failing Greek economy or Congy Wiener displaying his junk and stepping down, it’s great fun to short Apple on a daily basis. Some of us have to make a steady living and shorting Apple is about as steady as it gets. How about we short Apple down to about $323 tomorrow and to $320 on Monday? Baby needs new shoes. How about a couple of pair of leather oxfords? Yeah!
If you look at positive and negative volumes you’ll see positive volume (buyers) slowing just before the drop. This drop created an imbalance in the ratio of buyers and sellers with a weighting in favor of sellers.
When AAPL dropped below 324.75 Stop Loss triggers were tripped causing a cascade effect until AAPL approached its intraday low. On the way down negative volume declined at the $320 level until it bottomed at $318 (negative volume remained low for the remainder of the day). At the same time positive volume shot up causing a reversal in the positive/negative balance that favored buyers. This drove AAPL back up to $325 where the dip started.
It could be argued that certain buyers conspired to decrease buying activity in order to set this chain of events in motion. I think that argument is without merit.
Options is Friday and YES, this is ridiculous. Lets assume HALF of Europe doesn’t buy that Mac device or product they wanted to. Maybe Apple will catch up to the demand on their products soon. For now, “IF WE COULD HAVE MADE MORE WE WOULD HAVE SOLD MORE” STILL IS TRUE!
Greece isn’t the problem- the USA is & it’s thin air QE ( fiat money inflation ) and bonds are spinning around the globe. Central Banks around the world are buying Treasuries which will buy us more time to dig a deeper hole. Greece is just water cooler chat fodder compared to our debt bomb.
It’s time the House of Reps got off it’s ass and got serious about the debt ceiling and the budget. It’s obvious we aren’t going to privatize Social Security or voucherize Medicare which means a tax increase. Bank on it regardless of who wins what election.
What the Fed is doing with QE is essentially a tax on every person who holds US currency in their hands. By printing money and injecting into the world economy it is devaluing the Dollar. Borrowing is nothing more than taxing future generations. A tax increase is honest, is not inflationary and puts the bill on the generation that spent the money.
The Republicans in Congress are not stupid and know they are playing with fire, but are more interested in playing politics with an election year coming up. This uncertainty is effing up the markets and your and my investments.
Four words:
Best Buying Opportunity Today!!!
You know the US stock market is highly fracked when Apple stock prices get damaged by the incompetent behavior of foreign politicians.
It’s “The New World Order!”
Gee thanks.
Coming up next month for your financial enjoyment:
Incompetent behavior of US politicians!
Watch the entire US stock market fall on it’s face thanks to the bumbling idiot behavior of the TardParty in the US Congress. I can hardly wait.
STARVE THE BEAST will eat your soul, America.
You’re so right. We should just keep the Obama/Pelosi/Bernanke/Geithner model of just printing money out of thin air and running our debt (and default risk) through the roof with abandon just to support the stock market. If being part of the “TardParty” means living within your means financially, count me in, your insensitive slight to the mentally challenged notwithstanding.