Shares of Apple Inc. (Nasdaq: AAPL) are slowing slipping below
key support.
Chart Courtesy of StockCharts.com
The lack of buyers in the overall stock market is increasingly
apparent in shares of Apple, the darling of investors for
the last few years.
As we noted here a few days ago, the stock has had problems regaining its footing
after the highly publicized set of issues with the latest generation iPhone and
its antenna. And even as the company cleverly took care of the problem, investors
seem to have been spooked.
So Apple has now quietly closed below 250 and seems headed for 240. Eventually,
it could hit its 200-day moving average near 230, where it will either sink or
swim.
The lack of volume on the down side is not much solace, at is suggests the trip
to 230 could take longer. A lot has to do with the market. But it's not been
a pleasant ride for those who bought the stock near 280 in mid June.
In fact, so far the stock is off nearly 14% from its recent highs. The best that
you can say is that Apple is keeping up with the S & P 500, which has lost
nearly 13% over the same period.
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