Continued Apple swoon could crush this market

“Crumbles by commodities and the Colossus of Cupertino have been getting much of the blame for the market slumping in seven of the past 10 sessions,” Victor Reklaitis reports for MArketWatch. “‘If AAPL doesn’t find its footing soon, it may risk a deeper drop,’ writes Andrew Nyquist, over at See It Market.”

“And as goes the largest company by market cap, so goes the whole U.S. stock market,” Reklaitis reports. “Or at least a further slide by Apple would act as a mighty powerful brake on the S&P 500, where it’s about 4% of the benchmark, and on the growthier Nasdaq 100 where it’s a 14% chunk.”

“So, what’s the matter with Apple? For the first time since September 2013, the tech giant’s stock has knifed under the closely watched 200-day moving average. Many chart lovers use that as a guide to a stock’s long-term trend,” Reklaitis reports. “Also, Apple has entered into what’s often called ‘correction territory,’ by dropping more than 10% from its peak. Nyquist suggests Apple, which closed at $118.44 on Monday, could tumble into the $109-to-$115 range.”

Read more in the full article here.

MacDailyNews Take: The scam continues. Use it to your benefit or just enjoy the show!

SEE ALSO:
Apple replacing AT&T causes Dow Jones Industrial Average to suffer – August 4, 2015
Apple stock now officially in correction territory as it crosses below key technical level – August 3, 2015
Nasdaq retreats amid tech selloff after Apple’s record results – July 22, 2015
Apple earnings: Good is never good enough – July 22, 2015
Cowen downgrades Apple on record quarterly earnings results – July 22, 2015
For Apple, more success raises more questions – July 22, 2015
Sorry, haters: Tim Cook confirms Apple Watch sales are much better than you think – July 22, 2015
Here’s how many Apple Watch units Apple sold – July 22, 2015
Drudge screams: ‘APPLE FUTURE QUESTIONED’ – July 21, 2015
Apple poised for $50 billion valuation loss after posting ‘disappointing’ record earnings – July 21, 2015
Apple shares plunge after ‘disappointing’ record third quarter results – July 21, 2015
MacDailyNews presents live notes from Apple’s Q315 Conference Call – July 21, 2015
Apple pulverizes the Street with record third quarter results – July 21, 2015

Reader Feedback

This site uses Akismet to reduce spam. Learn how your comment data is processed.