Daily Archives: July 27, 2011
9:45 AM — Though Apple went into the close yesterday with a pretty bullish set up, that was finally undone through some overall selling pressure in the broader market. Sell programs his the market shortly after the open this morning. Over the past few days Apple has been able to brush off market weakness, but as we head into the debt-ceiling conclusion, investors are reducing risk just in case things don’t go as planned.
It’s curious though how little support $400 offered. The stock fell right through that level with absolutely no resistance. This indicates that the stock is yet to feel “comfortable” trading above the $400 level.