“Apple is getting crushed again this week,” Keris Lahiff reports for CNBC. “Monday’s losses pulled its stock back into a bear market, having fallen 20 percent from the Oct. 3 record high, while November’s drop puts it on track for its worst month since September 2008. Its decline has wiped more than $220 billion from its market cap in a little more than a month.”
“‘The stock is surely succumbing to broadening market weakness. It’s below this $194 support level that we’ve been highlighting,’ Ari Wald, head of technical analysis at Oppenheimer, said Monday on CNBC’s Trading Nation,” Lahiff reports. “However, Wald says looking further out, the case for Apple looks strong. ‘We’re recommending for our longer-term clients that are benchmarked against the S&P 500 to stick with it,’ Wald said. ‘If you look at the stock relative to the S&P 500, support levels are still intact, it’s still correcting back into its six-year breakout versus the market dating back to the year 2012 and it’s still in a relative uptrend as well dating back to 2016.'”
Lahiff reports, “Even after the month’s losses, Apple is still outperforming the S&P 500 for the year. It is up nearly 10 percent in 2018, far better than the 0.6 percent gain on the benchmark index.”
Read more in the full article here.
MacDailyNews Take: Like Cramer says of Apple, “Don’t trade it. Own it.”