AAPL downtrend continues
The down trend in AAPL continues. The stock hit its 200 day moving average twice already but there is no sharp bounce. Part of the reason is the market has been shut down for 2 days in row due the storm Sandy. New York where the hub of trading lies has been dead and underwater. Even though market opened yesterday, it came back with a submerged attitude. Attitude of sorrow and pain. Most of the leading stocks went nowhere. AAPL again languished in the hands of short sellers. Here is a chart of $AAPL as you can see the down trend continues under the downward sloping line unless broken to the upside at 615 or higher with decent volumes.
As the days pass and we head into the election season the uncertainly will also grip the market. We just have to see if the bulls manage to break this downward trend line at some point and than the stock will move higher.
As a side note according to Appleinsider ” Though as of Wednesday Siri can still find local escort services in the U.S., that functionality has apparently been removed in China, according to The Times of India. Go figure if this one out.
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