“Apple Inc. shares fell 1.9% to $576.32 on Friday, dragging them more than 10% below a recent record high of $644,” MarketWatch reports.
“That fall off its highs is often termed a technical correction among stock strategists — a trend break that can usher in steeper losses,” MarketWatch reports. “‘Our work suggests that this is just the beginning of the first meaningful correction in Apple since the 2009 bottom. A close below $580 should set the stage for a fast move down to $525,’ said Richard Ross, chief technical strategist at Auerbach Grayson & Co.”
Read more in the full article here.
MacDailyNews Take: The market is a game. Play it well or don’t play at all.
Buy! Buy! Buy! Next week when Apple posts record profits the stock will go right back up.
Exactly. Great time to buy more.
Trying to drive it lower and buy. To watch it go back up. Which it will. These guys are transparent.
A close below $580 should set the stage for a fast move down to $525,’ said Richard Ross, chief technical strategist at Auerbach Grayson & Co.”
This guy must have a lot of put !!
$525? I’d love it. The more Apple moves (either way) the more money I make
Thats how the stock market plays. The sad part are the iHaters having orgasmic seizures trolling the internets declaring the death of Apple and their stocks! LOL
Has anyone here had the stomach to watch the nauseating CNBC piece “Price Competition Makes Apple a ‘Sell’?:
None other than ANAL ist ………Edward Zabitsky, CEO and analyst of ACI Research.
What A JOKE!
http://www.cnbc.com/id/47118593?__source=yahoo%7Cheadline%7Cquote%7Ctext%7C&par=yahoo/comid/1/cache/586#comments_top
TechTard journalists hit a new low. 😛
And I was criticized for closing my open position in APPL.
Our economy has been propped up by artificially low interest rates, an unprecedented expansion of the money supply, and outlandish growth in government debt. There’s been no structural improvement to the economy. The lies the government and lame stream media have been feeding the public are going to blow up in their faces. The truth of the matter is… the economy stinks, and short of a miracle, we’re going to retest the March 2009 low.
troll ,be gone
John,
I don’t know you from a sack of a$$holes, so what makes you think you the right to call me a troll? It’s clear from your response that your intelligence level is slightly higher than whale shit. Go pick up your welfare check, food stamps, or whatever it is that gets you through life, because it isn’t your ability to carry on an intelligent conversation.
Stephen is correct, though likely not for the right reasons.
Stocks move primarily in response to industrial and consumer demand. But in an election year long on hot air and short on perspective and verifiable facts on either side, consumer confidence remains weak and is under constant attack. Consumers aren’t spending because they mistakenly think the Fed has the power to improve “the economy”, not realizing the economy is DIRECTLY measured BY HOW MUCH THEY SPEND.
Since a sane middle ground has long since been abandoned by both corrupt parties, now would be a good time to short your stocks. You know that rightist PACs will do everything they can do to destroy consumer confidence and the national economy if it means their boy Mitt can finally take a term at the helm following 7 years of full-time campaigning, and the Obama supporters will sling the mud back to the other side as usual. No regulatory reform will take place because WA-DC would rather score political points than improve federal efficiency.
I say we exhume and vote for Teddy Roosevelt, the last fiscally sane president we had — and one who put Wall Street in its proper place, to serve the markets, not to skim all the cream off them and then funnel the cash to K-Street.
Thanks Mike, but I meant what I said. I was referring to the economy, and thus the stock market in general, and not AAPL in particular.
@ Stephen – “artificially low interest rates” is your opinion. interest rates since Volker was Fed chairman have been carefully managed to provide a stable amount of inflation, between 2-3% annually. Thus despite the fact that the US government (Bush) was co-opted to bail out Wall Street (by Paulson) with short-term cash infusions to protect the speculators (investment banks) from their own greed, the interest rates ARE correct because inflation hasn’t broken the managed ceiling. Like it or not, the Fed is doing a darn good job keeping inflation in check with the one tool it has.
as for government debt: it’s a minor affect on the stock market. everyone knows that it’s a waste to carry debt but Wall Street owns the government and wants to always have the option of lending money to the federal reserve when it can’t sell its garbage mortgage-backed securities to anyone else. but that’s nothing new, it’s been happening for decades; we were in worse debt after WW2 — of course, that was the last war in which the federal government attempted to pay off its war debt — with TAXES. now for some unknown reason that option is off the table, and real tax rates are the lowest they’ve been in over a generation. both political parties are trying to scare the public with talk of debt, which puts downward pressure on consumer confidence, but the reality is that most debt is owned by US citizens (bondholders), and corporations are happy to let the government spend itself silly providing services that corporations don’t really want to do. so fed debt will pile up because both parties of congress prioritize their re-elections via pork for the home corporations, not debt reduction or federal government streamlining. What’s most pathetic, though, is how one side claims its goal is to destroy government; the other side is merely incompetent at writing and implementing workable regulation that sets a fair playing field. They have their K-Street friends write it instead. Nothing new here, and the market is unaffected because the waste of federal debt servicing is already priced in.
The economy is lackluster for two reasons: consumers are gunshy after watching their retirement accounts get slaughtered by Wall Street. The flip side is that those investors who rode through 2009 without a problem are sitting on their hands. While innovators are having a hard time getting loans from their friendly crooks in the bank, which are now mostly headquartered out of town and have no clue how to assess investment risk with personal attention to detail as is required to service the financing for small businesses. Until the “job creators” get of their fat asses and spend their money investing within US borders again, the economy will continue to march forward at a slow rate of growth. There is nothing the federal government can do except pull out of its pointless wars and close foreign military bases. What the US needs is more companies like Apple who are willing to invest in brick-and-mortar infrastructure here. Until that happens, jobs, consumer demand, and the national economy will be soft. And there’s nothing significant that Obama or Romney or any other single federal official or nominee can do about it.
An actual ‘correction’ would price AAPL at $700 today.
This isn’t any correction. It FUD manipulating hysterical investors in order to drive the AAPL price down so they can then:
buy Buy BUY BUY BUY!
Herd the sheeple.
Fak! I didn’t buy AAPL for years because I kept waiting for a fscking “correction” like this (ok, I couldn’t spare the money either), or some world event outside Apple’s control to tank it (happened the last time I held AAPL) and what happens after I finally buy in!? The FUDsters nail it and I’m down by $25/share.
Even if Apple meets the most unrealistically optimistic expectations in a post-holiday quarter, it’s not going to skyrocket back up like it did after the last quarter.
At least I didn’t buy in when it was $644.
This is such a transparent strategy.
Offering up some nonsense explanation about AAPL’s behaviour conforming to some implausible market trend – but only as a misdirection, a smoke and mirrors distraction away from the true cause of the fall which is outright manipulation of the price pre-the conference call. This is not a natural market correction imo.
Price corrections are part of the normal behavior of a healthy stock; I don’t see any reason to get angry or over-think what’s happening with AAPL. The stock has gone up about 50% in a few months — that 50% representing an approximately two-hundred point move. A correction is to a stock what a foundation is to a building; it would be unhealthy if AAPL *didn’t* correct.
A correction allows some people to take their profit; it shakes out “weak holders”; it allows for carefully-planned accumulation of new shares; and it sets the stage for the next, stable, move up. It also provides a base of support for a move down once AAPL begins its next leg up.
Sure we may have to wait a few months for AAPL to continue its rise, but it was the roughly six-month base from July ’11 through February ’12 that powered AAPL’s move in the last few months (well, that combined with AAPL’s incredible fundamentals, but the two are intertwined).
So, relax.