“Apple at one point [today formed] what investors call a ‘death cross’ which occurs when its 50-day moving average crosses below its 200-day moving average,” Sue Chang and Greg Morcroft report for MarketWatch.
“Still, this may signal a short-term bottom for the iPhone maker’s shares as the stock tends to recover and three months later, often outperforms the S&P 500 60% of the time, said Collin Monsarrat at Birinyi Associates Inc. in an analysis issued earlier this week,” Chang and Morcroft report. “Apple may also be pressured by news that the preliminary University of Michigan-Thomson Reuters consumer sentiment index fell to 74.5 from 82.7 in November. It is the biggest one-month drop since March 2011.”
Read more in the full article here.